DID YOU KNOW?

BINDISHA SARANG


The last time you went shopping, the shopkeeper refused to take the Rs500 note you gave him saying it was fake. You were shocked and didn't clearly remember how it came to you.
Obviously you were innocent in your own eyes, but the law may not think so. You could be held guilty of possessing a fake note.
Your only option is returning the fake note at your nearest police station or bank.
RETURNING AT POLICE STATION If you go to a police station, the police will make a diary entry in your name and cross-question you about the note. Once they are convinced you are innocent and have been a victim, you would be free to go. However, your name would get registered in police records for future reference. RETURNING AT BANK When you take the note to a bank, it gets impounded.
Of course, you lose the sum. The bank stamps the note with: “counter- feit banknote impound- ed“. You get an acknowledgement receipt for it. Once the bank impounds the fake note, it files a first information report (FIR). The Reserve Bank of India's (RBI) Master Circular 2010 says: “(An) FIR is required to be filed in respect of each case of detection of counterfeit note irrespective of the number of pieces and bona fides of the tenderer.“ The bank sends a copy of the FIR to the forged banknote vigilance cell at its head office. In future, the bank may even keep a watchful eye on you to ensure you don't deposit any other fake note. All cash handling staffers at the bank branches, cur- rency chests, and treasuries along with sub-treasuries are trained to detect counterfeit notes, as per RBI orders.
WHAT YOU SHOULDN'T DO Don't ever try to palm off a fake note to an unsuspecting victim.
If you are caught doing so, you could end up in prison.
IS THERE A WAY OUT?
There's practically no way out. So try your best to avoid getting caught in such a situation. All currency notes have security fea- tures as specified by RBI. Remember to check these, especially when transacting in currency notes with higher denomination.

Visit www.rbi.org.in to know the security features. You will also find these displayed at all bank branches.