i. Over the Counter:
Bank notes tendered over the counter should be examined through machines. The counterfeit
notes so detected, shall be stamped as "COUNTERFEIT NOTE" and
impounded. Each impounded note shall be recorded under authentication, in a
separate register.
ii. Bulk Receipts at Back
Office / Currency Chest: Above procedure is to be followed where notes
are received directly at the back office / currency chest through bulk tenders.
When a banknote is found to be
counterfeit, an acknowledgement must be issued to the tenderer, after stamping
the note. The receipt, in running serial numbers, should be authenticated by
the cashier and tenderer. Notice to this effect should be displayed prominently
at the offices / branches. The receipt is to be issued even where the tenderer
is unwilling to countersign it.
No credit to the customer’s
account is to be given for the counterfeit notes.
i. Compensation
No compensation will henceforth
be paid to Banks for detection of counterfeit notes.
ii. Penalty
A penalty of 100% of the notional
value of counterfeit notes, in addition to the recovery of loss to the extent
of the notional value of such notes, will be imposed under the following
circumstances:
a) When counterfeit notes are
detected in the soiled note remittance of the bank.
b) If counterfeit notes are
detected in the currency chest balance of a bank during Inspection.
All other instructions relating
to examination of notes before issuance over the counter, top up of ATMs,
reporting to police and other authorities, infrastructure, etc. to enable
detection as well as liaison with the authorities, remain unchanged.
Based on RBI Circular dt 27/08/15.
Please visit www.rbi.org.in for any
further clarification if required….. Poppy
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