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(Precious) Words of Wisdom : "Never spend your money before you have earned it." ~ Thomas Jefferson

What if you get a fake note?

Coming into possession of counterfeit currency or a fake note has, till recently, been a source of great trouble for the aam aadmi. 

Firstly, it was a total loss as no one, including any bank, would exchange it and give you a genuine one. Secondly, it was supposed to be reported to the police; and going to the police station is something that an aam aadmi would most certainly avoid.

Hence, practically everyone who unknowingly got a fake note took the same course of action... passing it on to some other unsuspecting fellow. 

This, of course, is illegal and you could even be put behind bars. But, given the loss and all the hassles involved, you can't expect the common man to behave any differently. 
Detecting counterfeit currency notes

In order to reduce the pain of the aam aadmi, some time back RBI issued a notification regarding 'Detection and Reporting of Counterfeit Notes'. The primary objective being to mitigate the hardship of the unsuspecting common man who unknowingly comes in possession of such notes. 

As per the same,
- Banks should accept all notes tendered and appropriate credit should be given to the depositor / account or value in exchange given
- Currency notes identified as fake should be kept separately with a proper impounding stamp. There is no need to issue any acknowledgement to the tenderer.
- RBI will compensate the banks 25% of loss incurred in respect of counterfeit notes of Rs.100 and above detected by them and reported to RBI and Police authorities
- For up to 4 counterfeit notes detected in one transaction, only a consolidated monthly statement has to be sent to the Nodal Police Station
- FIR has to be lodged only if 5 or more fakes currency notes are detected

With these guidelines in force, it is no longer necessary for you to find some scapegoat and palm off your fake note to him. Instead just walk into a bank, hand over the note to them and get full credit for it. Besides, there may be no need for you to deal with the police too.

Of course, this does not mean that you become totally careless when accepting cash. You must do a quick check of the notes... every time... before accepting them. For your convenience, RBI has put up a website — http://www.paisaboltahai.rbi.org.in/ — that explains various security features that a genuine note should have. It covers notes of all denominations i.e. Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. I suggest that you visit this website from time to time and keep yourself updated.

This is the least we can... and we must... do to stop those who wish to destroy our economy and country through fake currency.

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