What happens if you take a fake note to the bank?

Counterfeit banknotes are rare and also worthless. We cannot reimburse you for counterfeit banknotes. If you suspect that you have a counterfeit banknote, please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number.

What to do if you find a fake note?

Thus, the only recourse is tp inform the nearest police station or magistrate office on finding a fake note. IMPORTANT TO NOTE: DO NOT TRY AND re-circulate the fake note, because if you are caught doing so, the repercussions could be huge. Knowingly circulating fake currency notes is a punishable offense under the law.

How do banks detect fake notes?

A metallic thread is embedded in the note and appears as silver dashes on the back. When the note is held up to the light, the thread appears as a continuous dark line. Under a good‑quality ultraviolet light, the number ’20’ appears in bright red and green on the front of the note, against a duller background.

Can banks detect fake money?

Banks have strict security measures in place to detect fake money. First, they can spot it at the time of deposit and confiscate it so that it does not circulate among the public. Bank employees are trained to identify fake money through different security features of the bills.

Can Cash Deposit Machine detect fake notes?

Counterfeit currencies with a face value of ₹ 20,000 were detected at the cash depositing machine of a private bank at Vadavalli on Tuesday. It was found that the currencies counterfeit. The bank’s deputy general manager lodged a complaint with the Vadavalli police station and handed over the fake currencies.

What happens if I get fake money?

Federal Crimes Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine.

Is there an app to check bank notes?

The Bank of England has launched a smartphone app to guide people wishing to check the authenticity of bank notes. The app – Bank of England Banknotes – is free to download and enables users to view all current UK banknotes and some of their security features.

How do you check if money is real?

Here is a list of eight ways to tell if a bill is real or counterfeit:

1. Color-shifting Ink.
2. Watermark.
3. Blurry Borders, Printing, or Text.
4. Raised Printing.
5. Security Thread with Microprinting.
6. Ultraviolet Glow.
7. Red and Blue Threads.
8. Serial Numbers.

What happens if a fake note is returned to the bank?

What is more, the note will not be returned to the tenderer. As per RBI rules, if as a customer insists that the fake note be returned to them, it will be taken as a failure on the part of the bank to impound the note detected at their end and will be construed as wilful involvement by the bank.

What is RBI’s policy on counterfeit currency?

Fake currency at ATMs: RBI has instructed banks that it is imperative to put in place adequate safeguards and checks before loading ATMs with notes, as any dispensation of counterfeit currency through ATMs would be construed as an attempt to circulate such notes by the bank.

What to do when a banknote is found to be counterfeit?

When a banknote tendered at the counter of a bank branch/back office and currency chest or treasury is found to be counterfeit, an acknowledgement receipt in the prescribed format ( Annex II) must be issued to the tenderer, after stamping the note as in Paragraph 2 ibid.

Why do banks accept torn up or dirty notes?

Unlike shopkeepers, banks happily accept our torn up or dirty notes because that value of money is still in the economy. Every currency note has serial numbers embedded in them, which are kept as records with the RBI.