in Criminal Law
Asked August 02, 2014

Fake Currency

  • 1 Answer

I was buying some stuff from the market the other day and was given a 500 rupee note by a shopkeeper in the local store. I later found out that it was a fake note! What do I do? Should I try to return it to the store or report the matter to the police or any other authority?

Answer 1

Once you come to know that the note is fake you need to give information immediately to the nearest magistrate or police officer. Otherwise it would be considered as a crime.

Now if a fake note is found at the bank by the cashier while you are depositing the cash then the bank will put a stamp saying “COUNTERFEIT BANK NOTE IMPOUNED”.

Banker will give you an acknowledgement receipt. But if more than four fake notes are detected then bank will send a report to police station along with your name and other details.

What is dangerous is a FIR report will be registered against you and bank will not give the money back. Hence, you simply lose the money.

So the best thing to avoid this situation is to learn how to identify a fake note. The moment you find out the note is fake report to police station and don’t try to give someone else.

You could also find a fake note coming out of an ATM machine. If you find out the note is fake report to police officer otherwise you could be in trouble later on.

Now Reserve Bank of India (RBI) has made it easy to report fake notes to your nearby banks.

Now a customer gives a fake note to the bank then bank will pay you full amount in return. Therefore, customers do not have to fear about losing the money because bank will return you full amount.

Hence, you should not hesitate to report fake note to the bank because you are not going to lose money.

According to RBI “As per Section 39 of the Criminal Procedure Code, every person, aware of the commission of or of the intention of any other person to commit certain offences, including those relating to counterfeiting of currency, is required to immediately give information about such commission or intention to the nearest magistrate or police officer.”

Hence, do not try to palm off the fake note to someone else. Follow the law and bank will return the full money for every fake note you gave.

Agree Comment 0 Agrees over 5 years ago

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