Detection and Impounding of Counterfeit Notes
The Reserve Bank of India’s Master Circular outlines 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, or remitted to Reserve Bank issue offices.
Nodal Officer: Each bank should designate a nodal officer to oversee the detection and impounding of counterfeit notes.
Forged Notes Vigilance Cell: A Forged Notes Vigilance Cell should be established at each bank’s head office.
Infrastructure: Banks should provide ultra-violet lamps and other necessary infrastructure to facilitate the detection of counterfeit notes.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes