RBI makes it easier to report fake notes to banks

The next time someone passes on a fake currency note to you without your knowledge, you need not palm it off surreptitiously. The Reserve Bank of India (RBI) on Friday (28/6/2013) directed banks to accept all fake notes over the counter from customers and pay them back the full amount. In return, banks will get 25% of the amount of the fake note back from the RBI. 

To stop misuse of the system by unscrupulous entities, RBI also directed banks to monitor the patterns and trends of fake note detection and bring them to the notice of the central bank and the police immediately. 

"Detection of counterfeit notes, at banks, should be at the back office or currency chest only. Banknotes when tendered over the counters may be checked for arithmetical accuracy and other deficiencies like whether there are mutilated notes, and appropriate credit passed on to the depositor/account or value in exchange given," the RBI noted. 

Source : The Times of India