What happens if you pay with a fake note?

Counterfeit banknotes are rare and also worthless. We cannot reimburse you for counterfeit banknotes. If you suspect that you have a counterfeit banknote, please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number.

What do banks do when they spot a fake note?

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).

How much coins deposit in bank?

3. How much amount of coin can be deposited by the customer in the bank account? RBI has not prescribed any limit for coin deposits by customers with banks. Banks are free to accept any amount of coins from their customers.

What happened to Demonetised notes?

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.

Is possession of fake money illegal?

Counterfeiting Federal Reserve notes is a federal crime. Possession of counterfeit United States obligations with fraudulent intent is a violation of Title 18, Section 472 of the United States Code and is punishable by a fine of up to $15,000, or 15 years imprisonment, or both.

Can a bank give you fake money?

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When banks receive fake money, they pass it on it to the Secret Service for investigation about its origin and the people behind it. According to the US Federal Reserve, there is a 0.01 percent chance of accidentally getting a fake US currency note from a bank or ATM.

How do banks identify fake money?

If the tenderer has more than five fake notes, the bank has to file a FIR for an investigation. With a view to facilitating the detection of counterfeit notes, all bank branches have to be equipped with ultra-violet light devices and other appropriate currency sorting or detection machines.

Can I pay coins into my bank?

You can pay coins in over the counter at a branch of your bank or building society, but you’ll have to separate and count them, and then put them in denominated bags (usually available from the counter) in the amounts specified on the bags.

Can I exchange 1000 rupee notes now?

The old currency notes of Rs 500 and Rs 1000 can now only be exchanged at the offices of the Central banks. A valid identity proof is required for the exchange of the old currency.

Does RBI exchange old notes?

According to the information, RBI does not recycle old notes i.e. those notes are not reintroduced after closure. The speciality of old notes is that they do not completely dissolve in water nor leave colour. In such cases, they can be used to make other paper items.

Is it legal to destroy money?

In the United States, burning banknotes is prohibited under 18 U.S.C. § 333: Mutilation of national bank obligations, which includes “any other thing” that renders a note “unfit to be reissued”.

Where can I deposit my old 500 rupee notes?

From today midnight, the 500 and 1000 rupee notes will be banned. The Good news is you can deposit your old notes in banks and post office in you have account with them. You can deposit you hard earned money till 30th Dec 2016 in banks and post office.

Why did PM Modi ban Rs 500 notes in India?

In an unprecedented and historic move, Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes will be banned in India. This – first time on TV announcement – came from PM Modi after Pakistan violated ceasefire agreements in Jammu and Kashmir.

What is the last date to exchange old 500 note?

Last date to exchange old 500 and 1000 notes is 24th November 2016. You may have to stand in line for some time as there are a large number of people doing so in banks. You should have a legal record of all the money that you are depositing. Income Tax department is keeping all their eyes on all these deposits.

What happens if someone fails to exchange old Indian currency notes?

In case someone fails to comply (that is have the notes exchanged within that extended time frame), no more exchange requests will be entertained and people will simply lose money. In both Post office and Banks you will have to fill the Exchange or Deposit of old notes form and an ID Proff. No more than Rs. 4,500 can be exchanged.