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.
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 ?
I am facing an issue where HDFC bank impounded two Rs. 500 notes saying they are fake. The notes were withdrawn from a nationalised bank and taken straight to HDFC bank for depositing. Nationalised bank after much discussion agreed that they had indeed given those notes over the teller counter, but HDFC does not take that argument.
Any idea, how to deal with such situation?