How do I exchange fake notes?

For cases of detection of Counterfeit Notes of 5 or more pieces, in a single transaction, the Counterfeit Notes should be forwarded immediately by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR in the prescribed format (Annex IV).

What is the effect of fake currency?

Increase in fake notes shoot up counterfeit money in the system, which reduces the value of real money. It also increases inflation, i.e price of the articles and commodities due to more supply of money in the country.

How do you change old currency?

Exchanging old notes You need not visit the branch of the bank where you have an account in. If you want to exchange up to Rs 4,000 in cash, you can simply go to any bank with a valid ID proof. This limit of Rs 4,000 for exchanging old notes will be reviewed after 15 days.

Why do people use fake currency notes?

Terrorism. Fake Indian notes are mainly used in terror related activities. The money mainly flows from Nepal, Pakistan and Bangladesh. The terrorists are using it to cripple the Indian economy and to create economic terror.

Can Cash Deposit Machine detect fake notes?

Counterfeit currencies with a face value of ₹ 20,000 were detected at the cash depositing machine of a private bank at Vadavalli on Tuesday. It was found that the currencies counterfeit. The bank’s deputy general manager lodged a complaint with the Vadavalli police station and handed over the fake currencies.

Can I exchange old Indian currency now?

The Indians who still have the old Rs 500 and Rs 1000 notes can get them deposited in their bank account or the post office saving accounts or exchange them for new currency at the offices of the Central Bank. The old currency notes of Rs 500 and Rs 1000 can now only be exchanged at the offices of the Central banks.

What is the punishment for using fake money?

Federal Crimes Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine.

Is it legal to buy fake money?

Producing or distributing counterfeit money, or knowingly attempting to use counterfeit money, is a criminal offense under federal law.

How much is the fake Indian currency note worth?

A study completed by the National Investigation Agency in partnership with the Indian Statistical Institute (ISI) stated that the value is 400 crore rupees (4 billion rupees/$53.3 million). Fake notes are even dispensed from ATM machines at banks in India, particularly higher denomination notes.

What happens if you are found with a fake note?

The bank will also have to stamp “counterfeit note” on the currency and once impounded, it has to be recorded in their registers. Such counterfeits notes, after being impounded, are then sent to the police. If the tenderer has more than five fake notes, the bank has to file a FIR for an investigation.

What happened to the 500 rupee note in India?

The 500 rupee notes have been replaced by new notes with a different design, and brand new 2,000 rupee notes have been introduced for the first time. However, it didn’t reduce the problem of fake currency.

How much fake currency was seized in India after demonetization?

In January 2020, analysis of the latest reports of the National Crime Records Bureau (NCRB) indicated that 2,000 rupee notes made up most of the fake currency seized in India after demonetization. In particular, law enforcement agencies seized counterfeit currency totaling 46.06 crore rupees (0.46 billion rupees/$6.13 million) in 2017 and 2018.