RBI: Make habit to check every note before accepting it
The Reserve Bank of India on Wednesday advised the public to scrutinise currency notes before accepting them in view of cases of circulation of fake notes coming to its notice. The central bank requested members of the public to make it a habit of looking at the notes before accepting them in the usual course of daily transactions and helping arrest the counterfeiting of Indian banknotes.
The central bank advice followed on the discovery of cases of unscrupulous elements putting into circulation fake Indian currency notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public.
The RBI said in a statement that it is considering additional identity requirements for the use of Indian banknotes in large numbers. It added genuine Indian currency notes of higher denominations have strong counterfeit resistant security features. The fake notes can be identified on closer inspection.
According to the statement, detailed information on the security features on the banknotes are available on its website and the public may familiarise themselves with these features and educate others also.
The central bank reminded all stakeholders that counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.
Counterfeit notes numbering 632,926 were detected in the banking system in 2015-16, against 594,446 pieces in the previous year.
Of the total number of counterfeit currency notes, 41 percent were of Rs 500 denomination; 35 percent of Rs 100 denomination; and 23 percent of Rs 1,000 denomination.