Detection and Impounding of Counterfeit Notes
The Reserve Bank of India has issued a master circular outlining the procedures for detecting and impounding counterfeit notes.
Authority to Impound: Bank branches and treasuries are authorized to impound counterfeit notes.
Detection: Counterfeit notes should not be returned to the tenderer or destroyed by bank branches/treasuries. Instead, they should be impounded and a receipt issued to the tenderer.
Reporting: Detection of counterfeit notes should be reported to the police and other relevant bodies.
Examination of Banknotes: Banknotes should be examined before being issued over counters, fed into ATMs, and remitted to the Reserve Bank’s issue offices.
Nodal 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 prevent counterfeiting.
Infrastructure: Banks should provide ultra-violet lamps and other necessary infrastructure to facilitate the detection of counterfeit notes.
The circular also includes annexures II and III, which provide additional guidelines and procedures for detecting and impounding counterfeit notes.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes