Most of you must have faced a situation in which you visit a bank to deposit money and the teller starts observing each note under an ultraviolet lamp. What the teller is trying to do is to detect counterfeit currency notes. Most of us are unaware about our rights when it comes to such situations. For example: What is the procedure to be followed by both you and the bank when counterfeit currency is detected? What are your rights — as a depositor — in such an instance?
All such questions are thankfully answered in the Reserve Bank of India’s master circular on detection and impounding of counterfeit currency.
Have you ever been in such a situation before? If yes, it would be wonderful if you could share your experience here.
Awareness Fridays is an initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.
Further reading:
- Awareness Fridays: [Update] Guidelines on Detection and Impounding of Counterfeit Notes at Indian Banks
- Awareness Fridays: Guidelines for Exchanging Mutilated Currency Notes at Indian Banks
- Awareness Fridays: Guidelines for Customer Service in Indian Banks
- Awareness Fridays: Guidelines for Credit Card Operations of Indian Banks
- Awareness Fridays: How to Identify Genuine Rupee-denominated Currency Notes
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Has anyone got a fake currency note through ATM. What is the process in such case? Will the bank keep track of each and every note they feed into the ATM ?