The Reserve Bank of India (RBI) has expressed alarm regarding the prevalence of fake currency in circulation.
According to the latest annual report by the RBI, there has been a consistent increase in the circulation of counterfeit Rs 500 notes.
Let’s delve into the concerns raised by the RBI and find out what steps should be taken if you encounter fake currency.
Increase in Recovery of Counterfeit Rs 500 Notes
The report reveals that a significant number of counterfeit notes amounting to 91,110 were seized in the fiscal year 2022-23.
This marks a rise from the 76,669 counterfeit notes recovered in 2021-22 and the 39,453 notes detected in 2020-21.
The surge in the recovery of fake Rs 500 notes shows a 14.6% increase from the previous year, indicating a steady rise in the infiltration of counterfeit currency in the market.
Actions to Take if You Encounter Counterfeit Currency
In the event that you come across fake currency, it is crucial to know how to handle the situation. Here are the steps you should follow:
1) Discovering Fake Notes from an ATM: If you receive counterfeit currency from an ATM, it is important to adhere to RBI guidelines.
Inform the on-site security personnel immediately.
Ensure that you identify the fake note right at the ATM and display both sides of the note in front of the CCTV camera for documentation.
2) Encountering Counterfeit Currency in a Transaction: Should you come across a significant number of counterfeit notes during a transaction, take them to the nearest branch of the RBI as soon as possible.
It is essential to have concrete evidence to support your claim. Additionally, report the incident to the nearest police station to ensure appropriate action is taken.
3) Depositing Counterfeit Notes in a Bank Branch: If someone tries to deposit counterfeit notes at a bank,
the institution has the right to seize the fake currency and initiate legal proceedings accordingly.
Remaining vigilant and informed is key to combating the spread of counterfeit currency.
The RBI urges individuals to report any instances of fake currency promptly,
assisting in the collective effort to maintain the integrity of the Indian currency system.
