Detection and Impounding of Counterfeit Notes
The Reserve Bank of India (RBI) has issued a master circular outlining the procedures for detecting and impounding counterfeit notes.
Authority to Impound Counterfeit Notes: Bank branches and currency chests are authorized to impound counterfeit notes.
Detection of Counterfeit Notes: Banknotes received over counters, from ATMs, and from issue offices of the RBI should be examined for authenticity.
Impounding of Counterfeit Notes: Counterfeit notes should be impounded and a receipt issued to the tenderer.
Reporting to Police and other bodies: Cases of counterfeit notes should be reported to the police and other relevant authorities immediately.
Examination of Banknotes: Banknotes should be examined before issuing over counters, feeding ATMs, and remitting to issue offices of the RBI.
Nodal Bank Officer: Each bank should designate a nodal officer to oversee the detection and impounding of counterfeit notes.
Forged Notes Vigilance Cell: Banks should establish a Forged Notes Vigilance Cell at their head office to monitor and report cases of counterfeit notes.
Infrastructure: Banks should provide ultra-violet lamps and other necessary infrastructure to detect counterfeit notes.
Reporting of Data: Banks should report data on counterfeit notes to the RBI, National Crime Records Bureau (NCRB), and Financial Intelligence Unit-India (FIU-IND) by uploading the information on the FINnet Portal.
Preservation of Counterfeit Notes: Impounded counterfeit notes should be preserved for further investigation and prosecution.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes