RBI issues a master circular on detection and impounding of counterfeit notes

Jul 05, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on July 01, 2019, has issued a Master Circular compiling all the instructions issued by RBI relating to detection and impounding of counterfeit notes. The counterfeit notes can be impounded by all banks; all treasuries and sub-treasuries issue offices of RBI. The banknotes tendered over the counter should be examined for authenticity through machines. The notes determined as counterfeit shall be stamped as "COUNTERFEIT NOTE" and impounded in the prescribed format (Annex I). Each such impounded note shall be recorded under authentication, in a separate register.

The Controlling Offices or Training Centers should also organise or conduct training programmes on the security features of banknotes for members of staff to enable detection of Counterfeit Notes at the point of receipt itself. The banks should ensure that all bank personnel handling cash are trained on features of genuine Indian bank notes. These training should cover detection, impounding and reporting of Counterfeit Notes.

[Notification No. DCM (FNVD) G –1/16.01.05/2019-20]

 


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