Detection and Impounding of Counterfeit Notes
The Reserve Bank of India (RBI) has issued a master circular outlining the guidelines for detecting and impounding counterfeit notes.
Authority to Impound: Bank branches and treasuries are authorized to impound counterfeit notes.
Detection: No credit will be given to customers’ accounts for counterfeit notes, and these notes should not be returned to the tenderer or destroyed.
Impounding: Counterfeit notes 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: Banknotes should be examined before being issued over counters, fed into ATMs, and remitted to RBI’s issue offices.
Nodal Officer: A nodal officer should be designated in each bank to oversee the detection and impounding of counterfeit notes.
Forged Notes Vigilance: A mechanism should be established to monitor and prevent the circulation of forged notes.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes