RBI urges public to check Rs500, Rs1000 currenc...

RBI urges public to check Rs500, Rs1000 currency notes carefully

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(RBI Circular can be accessed here – https://www.rbi.org.in/Scripts/BS_PressReleaseD...)

RBI urges public to check Rs500, Rs1000 currency notes carefully

RBI warns that unscrupulous elements are putting into circulation fake Indian currency notes

PTI (Last Modified: Wed, Oct 26 2016. 10 11 PM IST)

Mumbai: Worried over circulation of fake currency notes of Rs500 and Rs1,000 denomination, the RBI on Wednesday asked the public to make it a habit to examine the notes before accepting them in the usual course of transactions.

“It has come to our notice that unscrupulous elements are putting into circulation fake Indian currency notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public,” the RBI said.

The central bank has cautioned the public to subject notes that are accepted to “careful scrutiny”. Genuine Indian currency notes of higher denominations have strong counterfeit resistant security features, it said, adding the fake notes can be identified on closer inspection. Detailed information on the security features on the banknotes are available on RBI website.

“Members of public are requested to make it a habit of looking at the notes before accepting them in the usual course of daily transactions and help arrest the counterfeiting of Indian banknotes,” the RBI said.

Reserve Bank is also considering additional identity requirements for the use of Indian banknotes in large numbers. Counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.

Reserve Bank has appealed to the public for cooperation and also authorities in containing the menace of circulation of counterfeit notes.

(Source – http://www.livemint.com/Politics/GTWQL73s76hf2e...)

7 Comments  |  
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Deal Captain
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Deal Lieutenant
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And at last Govt. has issued an advisory to leave the country as it is not safe.

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Entertainer
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Daraao mat bhai. Maine 500-1000 ki gaddiyaan hi sambhaal ke rakhi hein Tijori mein! https://cdn1.desidime.com/assets/textile-editor/icon_confused.gif

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Budding Star
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Make POS transactions free from any surcharge and make POS machines at very affordable rates.

I prefer plastic money more than the paper money.

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Deal Lieutenant
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@saurabh1 wrote:

Make POS transactions free from any surcharge and make POS machines at very affordable rates.

I prefer plastic money more than the paper money.


Agree, now UDIO card comes in very handy for all smaller transactions wherein I don’t have to expose my credit cards. Just load money from credit card and swipe the udio card. Safety + benefits https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

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Deal Subedar
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Even Money from ATM machine is fake notes sometime.

better ban 500 and 1000 rs notes.

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Deal Cadet
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@desibuddy wrote:

Even Money from ATM machine is fake notes sometime.

better ban 500 and 1000 rs notes.

Really? Has it has happened

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