RBI cautions public against fake currency notes

Mumbai, Oct 27 (KNN) The Reserve Bank of India (RBI) has cautioned the general public to be careful while accepting the Currency Notes of higher denominations as fake Indian Currency Notes have been put into circulation by some unscrupulous elements.

In a public notice, RBI said, “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.”

“We hereby caution the public to subject notes that are accepted to careful scrutiny. Genuine Indian Currency Notes of higher denominations have strong counterfeit resistant security features,” the RBI added.

The fake notes can be identified on closer inspection. Detailed information on the security features on the banknotes is available on our website, https://paisaboltahai.rbi.org.in/, and the public may familiarize themselves with these features and educate others also. 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.

Reserve Bank reminded the stakeholders that counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions is offences under the Indian Penal Code and such actions are liable to be punished stringently.

Reserve Bank is considering additional identity requirements for the use of Indian banknotes in large numbers.

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

This notice is issued by the Reserve Bank to advise caution and in the larger public interest, the public notice said. (KNN Bureau)