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 Counterfeit Notes: Bank branches and treasuries are authorized to impound counterfeit notes.
Stamping and Impounding of Counterfeit Notes: Counterfeit notes should be stamped as “COUNTERFEIT BANKNOTE IMPOUNDED” and impounded.
Issue of Receipt to the Tenderer: A receipt should be issued to the tenderer in the presence of the tenderer.
Detection of Counterfeit Notes: Bank staff should be trained to detect counterfeit notes.
Examination of Banknotes: Banknotes should be examined before issuing over counters, feeding ATMs, and remitting to issue offices of the Reserve Bank.
Designating Nodal Bank Officer: A nodal officer should be designated to handle counterfeit notes.
Establishment of Forged Notes Vigilance Cell: A Forged Notes Vigilance Cell should be established at the Head Office of the bank.
Important: In no case, should counterfeit notes be returned to the tenderer or destroyed by the bank branches/treasuries.
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Download: Master Circular – Detection and Impounding of Counterfeit Notes