LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

Why carrying fake note of Rs 100, Rs 200, Rs 500 and Rs 2000 can be a headache? This is what you should do

With the latest upgradation and still circulation of existing old notes, this creates high chance of fake notes.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Why carrying fake note of Rs 100, Rs 200, Rs 500 and Rs 2000 can be a headache? This is what you should do
Representational Image: Photo: IANS
Written By: Pooja Jaiswar
Updated: Sat, Jul 28, 2018
04:18 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Fake Rs 2,000 notes caught! Unbelievable, they are just like originals! How you can play smart Fake Rs 2,000 notes caught! Unbelievable, they are just like originals! How you can play smart
Beware! Rs 2,000 fake currency notes in circulation; you won't believe how it was done  Beware! Rs 2,000 fake currency notes in circulation; you won't believe how it was done
Fake Rs 200 currency note with you? 7 ways to know you are not in trouble Fake Rs 200 currency note with you? 7 ways to know you are not in trouble
How to identify fake bank notes: From Rs 10, Rs 100, Rs 500 to Rs 2000, this is the way to save yourself from trouble How to identify fake bank notes: From Rs 10, Rs 100, Rs 500 to Rs 2000, this is the way to save yourself from trouble
Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16 Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

Post demonetisation, there has been massive enhancement in India’s currency chest. The Reserve Bank of India (RBI) has either introduced new notes or have given a complete makeover to the existing ones. The agenda of demonetisation for eliminating Rs 500 and Rs 1000 notes was to tackle black money and prevent finance terrorism. Among these two issues also comes as counterfeit notes in other words fake currency. Since demonetisation, two new banknotes have been introduced namely Rs 2000 and Rs 200, while makeover is given to existing notes like Rs 500, Rs 10, Rs 50 and now the central bank plans to issue new Rs 100 notes.

With the latest upgradation and still circulation of existing old notes, this creates high chance of fake notes. There are too many currencies in India in simple word which can manipulated by anyone who plans to evade taxes or deals in black money.

Carrying a fake currency notes comes as a cause of concern for a citizen. What generally happens is when someone recognises a fake currency two things takes place, either that someone follows the guidelines of RBI and reports about the fake currency for further actions or they just plan to get rid of it by passing to other people.

The second situation becomes a major issue. It needs to be noted that, fake currency note impacts more than having a loss of couple hundreds or thousands. Many evidence has been revealed in past where criminal groups have used fake currency to generate profits. Such profits can be used for a sample of works like money laundering, smuggling and production of illegal documents.

What can be done when having fake currency notes?

If fake notes withdrawn from ATMs:

If you receive a fake note from a Automated Teller Machine (ATMs), then one can point the detect in front of the camera stored in the ATM. Secondly check with the guard and file a complaint in regards to it.

After having a clear confirmation on the currency you are carrying is fake, then you should go to the bank of which the ATM belongs to and show them the printed receipt along with the counterfeit notes. If more proof required then push them for CCTV footage of ATM. Always remember to have an acknowledgement receipt from bank and ask them to file an FIR.

According to RBI guidelines, when a banknote tendered at the counter of a bank branch/back office and currency chest or treasury is found to be counterfeit, an acknowledgement receipt in the prescribed format  must be issued to the tenderer.

The receipt, in running serial numbers, should be authenticated by the cashier and tenderer. RBI has even asked banks to circulate notice to this effect should be displayed prominently at the offices / branches for information of the public. The receipt is to be issued even in cases where the tenderer is unwilling to countersign it.

For cases of detection of counterfeit notes upto 4 pieces, in a single transaction, bank will give you an acknowledgment copy and a consolidated report in the prescribed format will be sent by the Nodal Bank Officer to the police authorities or the Nodal Police Station, along with the suspect counterfeit notes, at the end of the month.

If 5 or more pieces are detected  in a single transaction, then the counterfeit notes should be forwarded by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR in the prescribed format.

Banks are asked to  monitor the patterns / trends of such detection and suspicious trends / patterns should be brought to the notice of RBI /Police authorities immediately. Therefore, if a bank refuses to take any action then next possible action is to contact RBI in the matter.

If someone gives you fake note:

This situation is difficult to tackle, because then banks will not take any responsibility for the fake currency you have received. The next step and logical you can take is by reporting about it to the nearest police station or magistrate office on finding a fake note.

It needs to be note avoid circulating the fake currency you have received, because knowingly circulation of counterfeit notes is a punishable offense under the law.

Hence, its best to take the above actions first then later pay for carrying a fake note.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
fake currency notesfake banknotesRBIIndian Currency
RELATED NEWS
Fake Rs 2,000 notes caught! Unbelievable, they are just like originals! How you can play smart Fake Rs 2,000 notes caught! Unbelievable, they are just like originals! How you can play smart
Beware! Rs 2,000 fake currency notes in circulation; you won't believe how it was done  Beware! Rs 2,000 fake currency notes in circulation; you won't believe how it was done
Fake Rs 200 currency note with you? 7 ways to know you are not in trouble Fake Rs 200 currency note with you? 7 ways to know you are not in trouble
How to identify fake bank notes: From Rs 10, Rs 100, Rs 500 to Rs 2000, this is the way to save yourself from trouble How to identify fake bank notes: From Rs 10, Rs 100, Rs 500 to Rs 2000, this is the way to save yourself from trouble
Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16 Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16

LATEST NEWS

New coronavirus shocker from China! Now, virus found in ice cream - Check eye opening details here

HDFC Bank results first Cut: Profitability higher than Edelweiss estimate; reported one of the lowest ever GNPA

Solid assurance! Modi government rises to the occasion in world war to defeat Covid-19; assures Nepal, other neighbours for vaccine

Master box office collection: Furious! Thalapathy Vijay, Makkal Selvan Vijay Sethupathi movie crosses Rs 100 cr mark in just 3 days

Samsung Galaxy M62: Massive 7,000mAh battery - Check specs, features of the smartphone

Rakesh Jhunjhunwala backed Nazara Technologies: A diversified play on online gaming market II Explained

Pension Payment Order: Modi government explains how PPO promises ease of living for senior citizens

Here is why ONGC's plan to merge MRPL with HPCL may have to wait till FY24

Mutual Fund SIP Calculator 2021: Top money making trick! Check how just Rs 5 lakh can be turned into over Rs 1 cr through small investments

7th Pay Commission latest news: Salary up to Rs 2.08 lakh plus DA, HRA, TA; check this 7th CPC offer details at upsconline.nic.in

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved