In case one gets a fake currency note, one needn’t worry about it anymore as Reserve Bank of India has issued a new circular according to which in exchange of fake note, the person would receive the whole amount in return.

A fake note in possession can now be exchanged in any bank for full amount retrieval. A person depositing the fake note in any bank will receive the same amount in his/her bank account.

The new rule of RBI is applicable for all public and private sector banks including co-operative and rural banks. A register will be maintained for the fake notes in the banks with all the complete details. This will be intimated to the police. Alongside, a monthly report and an FIR will be sent by each bank to the Forged Notes Vigilance Cell.

The banks are advised to display all necessary information in regards to fake currency notes. If a bank fails to report the fake notes, it will be fined by the RBI.

Source: Dainik Bhaskar