What To Do If You Receive A Fake Currency Note is Listed Below

What if the bank detects a phoney note in your deposit when you are making a deposit? If you have ever encountered such a circumstance, you must have felt frustrated yet there isn’t much you can do about it.

Banks will impound such notes in accordance with Reserve Bank of India (RBI) regulations, and the money will not be credited to your account.

As a result, you suffer a significant loss, and the bank has every right to collect all of your information and provide it to the authorities.

According to the Reserve Bank of India’s (RBI) annual report for 2022–2023, of the total number of fake currency notes, 95.4% were found at various banks, while 4.6% were found at the RBI.

Notably, counterfeiting of currency notes of the denominations of Rs. 10, Rs. 100, and Rs. 2,000 decreased in FY23, whereas counterfeiting of the denominations of Rs. 500 (new design) and Rs. 20 climbed by 14.4% and 8.4%, respectively, during the course of the year.

Furthermore, having or using phoney currency with knowledge or taking part in any counterfeiting operation carries a penalty of jail, a fine, or both.

through keep or distribute false cash is illegal under sections 489 A through 489 D of the Indian Penal Code (IPC), therefore if you acquire currency and discover later that some of the notes are phoney, you should notify the bank or the police.

“If someone has a fake currency note and knows that it could be fake,” says attorney Nitya Bansal, “then there is punishment of imprisonment for up to seven years or fine or both.”

HOW DO I TELL IF A NOTE IS FAKE?

While dealing with cash, you may exercise caution so that you can tell a real note from a fake one. You cannot completely eliminate the danger of counterfeit notes.

Here’s how to use the RBI’s instructions to examine the note’s parameters.

Intaglio or raised printing of Mahatma Gandhi’s portrait, Ashoka Pillar emblem, circle with “500” in the right, five angular bleed lines on left and right side in raised print, etc. are some of these. On the back of the note, there is also a motif of the Red Fort, the Swachh Bharat logo with slogan, the year of printing of the note, 15 language panel, etc.

If you’re still not certain that the note is legitimate, you might ask the bank to verify it. It will be impounded by the bank if it turns out to be a false note. You might also tell the police by going to the closest station.

How Should You Respond to Fake Currency Notes?

The ATM:

If you get a phoney note from the ATM, display it right away to the ATM’s CCTV camera and tell the security person there so they may take a picture of it. Don’t forget to grab your transaction’s receipt.

When you notify the bank about the phoney note you got from the ATM, the bank will check the information and keep you informed about a return.

From Additional Transactions:

You don’t need to do anything if you obtain a phoney note in another transaction, discover it later, and can’t recall where you got it from.

It is wise to alert the bank or the police if you get currency notes and then discover that some of them are fakes since it is against the law under Section 489 A of the Indian Penal Code (IPC) to attempt to circulate the notes while knowing they are fakes.

Therefore, if someone attempts to pass off the false notes, they run the risk of being imprisoned.