Money Tips: How to identify a fake currency note? Where should you report it?
According to the Reserve Bank of India guidelines, if you have received a fake note in a transaction, and do not remember where you got it from, you need to inform the bank or the police. Circulation of counterfeit currency is a punishable offence under Section 489A of the Indian Penal Code (IPC).
Counterfeit currency notes can be a tricky thing to spot. Often, people notice that their currency notes are fake while depositing money at the banks. Fortunately, there are some ways in which one can spot a counterfeit currency note. By noticing certain details on the currency note, one can figure out if the note is real or fake.
If you find a fake currency note there is nothing to worry about. You should inform the police or bank authorities immediately.
Here are a few important factors everyone should know about fake currencies.
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How to spot a fake currency note?
Mahatma Gandhi’s image: The outline of Gandhi’s image is the watermark in Indian currency and can differentiate a fake note from a real one. Counterfeit notes use grease or heavy oil to make the watermark, which can make it look thicker. One can hold up the note to a light source to make sure the watermark is authentic.
Ink: The ink on real currency notes will never be smudged or have broken lines. If there are any such indicators on the note you have, the currency note could be fake one.
Security thread: Currency notes have a line of squares in the middle called a security thread. On a fake note, the feature will look as if it has been drawn or printed upon.
Formatting: A series of numbers run through every currency note. The size of the figures, their alignment or the gaps between them, are useful in revealing if the note is fake. If there is poor alignment or unequal numerical figures, the note is counterfeit.
Typography and micro-lettering: The words 'Reserve Bank of India’ will appear thicker on a counterfeit currency note. The micro-lettering between Gandhi’s image and the words is another clue to check. A magnifying glass will be required to check the consistency of the words and the spacing.
Devnagari and regional languages: The denomination will be printed in Devanagari and replicated in English in white colour in a smaller form at the border of the note. On the reverse, the denomination will be spelled out in 15 Indian languages.
Intaglio printing: Intaglio is a raised or engraved printing that can be felt by touch. The most notable intaglio printing on a currency note is the Ashoka Pillar emblem and a small circle over the figure with the numeral of the currency.
What to do if you have received a fake currency note?
According to the Reserve Bank of India guidelines, if you have received a fake note in a transaction, and do not remember where you got it from, you need to inform the bank or the police. Circulation of counterfeit currency is a punishable offense under Section 489 A of the Indian Penal Code (IPC).
If you have received fake notes from an ATM, show the notes to the CCTV camera at the spot and inform the security guard about it. Keep the receipt of your transaction safe so that you can get a refund from the bank.