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Accept Rs 500, Rs 1,000 notes after careful scrutiny, warns RBI

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

Press Trust of India  |  Mumbai 

Indian rupee currency notes
Indian rupee currency notes

Worried over circulation of fake currency notes of Rs 500 and Rs 1,000 denomination, the on Wednesday asked the public 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 of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public," the said.

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

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 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.

First Published: Thu, October 27 2016. 09:20 IST
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