After demonetization, many citizens believed that there were no more headaches of fake or counterfeit notes, as Rs 500 notes were replaced by new ones with a completely different design, and the new 2,000 rupee notes were introduced. But, this is not true. Demonetization has not solved the problem of fake notes in India.
Fake notes have been detected in many places even after demonetization. The shocking part is many citizens received fake notes even while withdrawing cash from ATMs. Last year there were incidents where people received fake notes from the ATMs of State Bank of India and United Bank of India.
Many people are not aware on what has to be done when they receive a fake note. Some try to pass it on, just to get rid of it. But, you should not do this. According to the law, circulating fake notes in the market is punishable with imprisonment. So in this blog, we tell you, what to do on receiving fake notes from the ATM or while making cash transactions.
If fake notes are being dispensed from ATMs than the responsibility lies with the concerned bank. Banks will have machines to check the genuineness of notes. It is the responsibility of the bank to check the notes before it’s handed over to agencies to stash ATMs. According to RBI guidelines, failure to detect counterfeit notes is considered as the bank's willful attempt to circulate fake currencies. A penalty will be imposed on banks if they fail to identify fake notes.
Most of us don't check notes before leaving the ATM. But, it is a big mistake. It is advisable to check rupee notes which are dispensed out of the ATM's. In case you receive a fake note, you must turn towards the CCTV camera and report it. This will act as evidence as you can't just rely on the security guard. You must keep the transaction slip with you.
You need to go to the bank branch which takes care of that ATM and show them the receipt and fake notes. You can also ask them to check the CCTV footage. If the bank is not ready to take any action, you can contact the regional RBI office or file an FIR.
See Also: How banks cheat you with a credit card?
Receiving fake notes from a person puts you in a very difficult situation, as the bank will not take any responsibility. All you have to do is inform the nearest police station on receiving the fake notes.
Never circulate the fake note which you have received. In case you circulate just to get rid of it, you will be in a trouble and you can even get arrested.
So, if you have a fake note, you must submit it to the bank. The bank will stamp COUNTERFEIT BANKNOTE IMPOUNDED. These notes will be sent to RBI for destruction.
See Also: 5 Mobile Banking Safety Tips
Have a complaint against any company? IndianMoney.com's complaint portal IamCheated.com can help resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on IndianMoney review and complaint portal IamCheated.com.