Reserve Bank of India Circular – Counterfeit Notes

Reserve Bank of India (RBI) Circular Regarding Detection and Impounding of Counterfeit Notes

As per the circular, the detection of counterfeit notes should be at the back office / currency chest only.

Banknotes when tendered over the counters may be checked for arithmetical accuracy and other deficiencies like whether there are mutilated notes, and appropriate credit passed on to the account or value in exchange given. Thereafter the notes should be passed over to the back office / currency chest, as the case may be, for detailed verification and authentication through machines.

In no case, the counterfeit notes should be returned to the tenderer or destroyed by the bank branches / treasuries.

Read the complete Reserve Bank of India Circular at http://ift.tt/1iXER5g