Some interesting facts about the Indian currency are being provided herewith for the benefit of the readers. These may help in identifying the fake currency prevailing in the system. These faq's has been provided by RBI for the benefit of the public.
1) What is a forged note?
A suspected forged note, counterfeit note or fake note is any note which
does not possess the characteristics of genuine Indian currency notes.
2) How can I identify a forged note?
You can identify a forged note if you are aware of the features which are present in a genuine Indian currency note. These features are easily identifiable by seeing, touching and tilting the note. For more details refer to the link given below .
does not possess the characteristics of genuine Indian currency notes.
2) How can I identify a forged note?
You can identify a forged note if you are aware of the features which are present in a genuine Indian currency note. These features are easily identifiable by seeing, touching and tilting the note. For more details refer to the link given below .
http://www.paisaboltahai.rbi.org.in/index.htm?page=home
3) How many forged notes are there in circulation in India?
No estimate has been made by any agency on the number of forged notes in circulation. However, in the recent years detection of forged notes by the banking system, has improved due to greater detection of such notes by the banks at their end. Number of forged notes detected during the last 3 years are given below:
3) How many forged notes are there in circulation in India?
No estimate has been made by any agency on the number of forged notes in circulation. However, in the recent years detection of forged notes by the banking system, has improved due to greater detection of such notes by the banks at their end. Number of forged notes detected during the last 3 years are given below:
Counterfeit Notes Detected | |||
(No. of pieces) | |||
Year | Detection at Reserve Bank | Detection at other banks | Total |
1 | 2 | 3 | 4 |
2008-09 | 55,830 (14.0) | 342,281 (86.0) | 398,111 |
2009-10 | 52,620 (13.1) | 348,856 (86.9) | 401,476 |
2010-11 | 45,235 (10.4) | 390,372 (89.6) | 435,607 |
Note: Figures in parentheses represent percentage share in total. | |||
* the increase in detection at banks’ level over the years is on account of increased use of Note Sorting Machines as directed by RBI so as to ensure that banknotes are duly checked for authenticity by the machines.
Considering there were 64,577 million pieces of banknotes in circulation as on March 31, 2011, the detection of forged notes during 2010-11 was to the tune of 6.74 pieces per million pieces of banknotes in circulation.
4) How does Reserve Bank address the problems of forged notes?
Reserve Bank is making efforts to address the problem in the following ways:
Considering there were 64,577 million pieces of banknotes in circulation as on March 31, 2011, the detection of forged notes during 2010-11 was to the tune of 6.74 pieces per million pieces of banknotes in circulation.
4) How does Reserve Bank address the problems of forged notes?
Reserve Bank is making efforts to address the problem in the following ways:
By periodically improving the security features of Indian banknotes so that the counterfeiters find it difficult to copy.
By ensuring that the banks have robust systems in place which will enable them to identify and detect forged notes immediately on their entry into the banking system.
By raising public awareness on genuine Indian currency notes.
By training of cash handlers on detection of forged notes.
By improving co-ordination between the banks and law enforcement agencies.
5) Whether anyone can get exchange value for the forged notes which he or she has received unknowingly?
Being a forged note, ab initio, it has no value.
6) What are the legal provisions governing forged notes?
Printing and/ or circulation of forged Indian Currency Notes is an offence under Sections 489A to 489E of the Indian Penal Code.
7) What should one do if he or she unknowingly comes in possession of a forged note?
As per Section 39 of the Criminal Procedure Code, every person, aware of the commission of or of the intention of any other person to commit certain offences, including those relating to counterfeiting of currency, is required to immediately give information about such commission or intention to the nearest magistrate or police officer.
8) How can we avoid taking forged notes?
While receiving banknotes, it will be a good idea to develop the habit of checking the genuineness of the notes.
9) If a person unknowingly deposits a forged note in a bank how will the bank deal with it?
The bank will impound the counterfeit note in the presence of the tenderer. The bank will also issue an acknowledgement to the tenderer. The receipt is authenticated by the cashier as well as by the tenderer. The acknowledgement is issued even in cases where the tenderer is unwilling to countersign it The bank will thereafter forward the impounded note to the local police authorities for further necessary action.
For detailed FAQs, please visit www.faqs.rbi.org.in
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