Money & Banking

Look closely before accepting currency notes: RBI tells public

Our Bureau Mumbai | Updated on January 16, 2018 Published on October 26, 2016

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Says unscrupulous elements putting fake notes of higher denomination into circulation

The Reserve Bank of India on Wednesday cautioned the public to subject currency notes that are accepted to careful scrutiny.

The central bank requested members of the public to make it a habit to look at the notes before accepting them in the usual course of daily transactions and help arrest the counterfeiting of Indian banknotes.

The central bank has issued this cautionary advice as it has come to its notice that unscrupulous elements are putting into circulation fake Indian currency notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public.

The RBI said it is considering additional identity requirements for the use of Indian banknotes in large numbers.

The RBI, in a statement, said genuine Indian currency notes of higher denominations have strong counterfeit resistant security features. The fake notes can be identified on closer inspection.

Security features

According to the RBI, detailed information on the security features on the banknotes are available on its website and the public may familiarise themselves with these features and educate others also.

The central bank reminded all stakeholders that counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.

Counterfeit notes numbering 632,926 were detected in the banking system in 2015-16, against 594,446 pieces in the previous year.

Of the total number of counterfeit currency notes, 41 per cent were of ₹500 denomination; 35 per cent of ₹100 denomination; and 23 per cent of ₹1,000 denomination.

Published on October 26, 2016
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