NEWS & ADVICE : HOME LOANS
Soon, banks will be responsible for fake notes coming out of ATMs
By Joseph Samson
Feb 8, 2013
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Reserve Bank of India is working towards changing the existing law relating to the accountability of the holder of fake currency notes and wants to make the source of the counterfeit currency responsible for it. Talking about it, the Governor of RBI, Mr. Duvvuri Subbarao said that the central bank is negotiating with the government to revise the existing laws and to make the necessary amendments.

At present, law holds the holder of fake notes responsible till the total value of the fake notes. In cases of counterfeit notes coming out of automated teller machines (ATMs), the customer has to suffer as banks seize the counterfeit currency notes. Subbarao said, "We have asked bank managers to be sympathetic and take into consideration the circumstances when a person approaches with fake notes." He also said that banks must ensure that genuine and clean notes are being put into ATM machines.

Last fiscal, RBI detected around 5.21 lakh fake notes of various denominations, which is about 20 percent more than the year before. It indicates that the circulation of fake currency has increased in the system.


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