Accept Rs 500, Rs 1,000 currency notes only after careful scrutiny: RBI | business-news | Hindustan Times
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Accept Rs 500, Rs 1,000 currency notes only after careful scrutiny: RBI

business Updated: Oct 26, 2016 23:00 IST
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The RBI has asked the public to make it a habit to examine Rs 500 and Rs 1,000 currency notes before accepting them. (AP File Photo)

Worried over circulation of fake currency notes of Rs 500 and Rs 1,000 denomination, the RBI asked the public on Wednesday to make it a habit to examine the notes before accepting them in the usual course of transactions.

“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,” the RBI said.

The central bank has cautioned the public to subject notes that are accepted to “careful scrutiny”.

Genuine Indian currency notes of higher denominations have strong counterfeit resistant security features, it said, adding the fake notes can be identified on closer inspection.

Detailed information on the security features on the banknotes are available on RBI website.

“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,” the RBI said.

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

Counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.

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