Banks In India Advised To Check Currency Notes Kept in their ATM’s

In India the circulation and detection of fake/counterfeit currency notes have been increasing year by year.

According to the present rules/law in India as and when a fake currency note is received from a customer/public and  detected  to be a fake one:

  •  the holder of the fake/counterfeit currency note/s is responsible and
  •  the currency note/s is not returned to the holder of the note and 
  • a police complaint is made or
  • the note is destroyed on the spot and 
  • the holder has to lose the value of the note even if the holder is genuine and
  • the holder is unable to claim from the source of the note/s received by him/her.

Nowadays, soiled/mutilated and even fake/counterfeit currency notes are found in the cash taken from the ATM’s of banks in various parts of India.

Mostly, the Banks / Branches seize fake/counterfeit currency notes as and when tendered by their customers and public along with the cash remitted by them into their accounts or for exchange.

The holder of fake currency notes have to lose the value and are held responsible for the same even if  such notes have been taken from the Banks’ ATM’s.

In view of the complaints received from the public, the Reserve Bank of India is planning to change the rules / law which make the holder of the fake currency note responsible.

If the Bank Branches or Treasury Offices detect five or more fake notes in a single transaction, a police complaint/an FIR must be registered.

The Reserve Bank of India, in co-ordination with the Central Government, has been pursuing with all State Governments to nominate a nodal police station in every district for the purpose of reporting cases of fake/counterfeit currency notes.

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[…] Banks seize fake currency notes when tendered by customers in the bank for any transaction. […]