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June 29, 2013

Fake Note Detected by Bank

As per RBI Instructions:- 

i. Detection of counterfeit notes, at banks, should be at the back office / currency chest only. Banknotes when tendered over the counters may be checked for arithmetical accuracy and other deficiencies like whether there are mutilated notes, and appropriate credit passed on to the depositor / account or value in exchange given.

ii. There will not be any requirement to issue acknowledgement to the tenderer.

vi. In the cases of detection of upto four pieces of counterfeit notes, in a single transaction, consolidated monthly statement (Annex II) should be sent to the Nodal Police Station through the Nodal Officer of the bank. In case of detection of five or more pieces, FIR in the prescribed format (Annex III) should be lodged.

vii. Banks should monitor the patterns / trends of such detection and suspicious trends / patterns should be brought to the notice of RBI /Police authorities immediately.

viii. The reporting procedure to the Regional Offices of RBI in the prescribed format (Annex IV) will remain unchanged.

2. Compensation to banks

i. The banks will be compensated by RBI to the extent of 25 % of the notional value of the counterfeit notes of Rs 100 denomination and above, detected and reported to RBI and Police authorities.

ii. Claims for compensation should be made through the Forged Note Vigilance Cell of the banks in the prescribed format (Annex V) on a monthly basis through email within fifteen days of the succeeding month.

iii. Reimbursement will be done by RBI, Department of Currency Management, to begin with, on a quarterly basis.

iv. A review of the above system will be conducted after one year.

3. Penalties

i. Penalty on account of detection of counterfeit notes by RBI from soiled note remittance of banks and in currency chest balances will henceforth be three times the notional value of the counterfeit notes.

ii. In case it is found during RBI inspection, etc. that a bank branch or currency chest has detected counterfeit notes but not reported the same to RBI or Police, strict regulatory measures against the bank including stringent disciplinary action and / or imposition of monetary penalty, will be taken by RBI

Format for impounding stamp

Each banknote, which, on examination of various security features / parameters, is determined as a counterfeit one, shall be branded with a stamp "COUNTERFEIT BANKNOTE". For this purpose, a stamp with a uniform size of 5 cm x 5 cm with the following inscription may be used.



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