How can one spot a fake note?
RBI issues currency notes with embedded security features which are similar across denominations and can establish authenticity.
Floral design: Printed on the front and back in the middle of the left vertical band, it features the denomination numeral. Viewed in light, the denomination is visible.
Watermark: This is on the left side of the note. When viewed against light, it shows the picture of Mahatma Gandhi along with the denomination of the currency.
Identification mark: This is a triangle in intaglio (raised) print just below the floral design.
Intaglio printing: The RBI seal, Mahatma Gandhi’s picture, the guarantee and promise clause, the Ashoka emblem and the Governor’s signature are in raised print.
Latent image: The vertical band on the right has a latent image showing the numeral when held horizontally at eye level.
Micro-lettering: The word ‘RBI’ and the numeral of the currency are printed between the picture of Mahatma Gandhi and the vertical band on the right side.
Security thread: It’s a 2-mm-wide thread on the right side inscribed with ‘RBI’ and ‘Bharat’. It changes colour from green to blue when viewed from different angles.
Year of print: On the reverse side of the note, the lower-middle portion carries the year of printing.
A counterfeit note will either not show all these features, have faded printing, an irregular number panel, rough security band or missing intaglio printing.
Will a bank replace a fake acquired by an account holder through a third party?
No, you have no option but to find the person who gave it to you. If you can’t find him, you have to report it to the police or destroy it.
Is a bank responsible for a fake note disbursed by its ATM?
The notes in an ATM are usually in a serial order, and if one of them is out of place, chances are that it’s a fake. You can check its security features, and if doubtful, take it up with your bank. You need to submit a written complaint along with the ATM transaction slip. The bank checks it for authenticity and hands over the case to its cash agency for an enquiry, which takes 3-4 days. If it confirms that the note was transferred to the ATM by the bank, you will be compensated.
What are the bank regulations on counterfeit notes?
The banks are strict and don’t even spare their own employees if they fail to detect a fake. They have to compensate for the loss from their own pockets. If you find a fake note in the amount withdrawn from the branch, you can have it replaced, but can’t get any relief once you step out of the bank. If a note deposited by you is found to be fake, the bank impounds it, stamps it ‘counterfeit’ and files an FIR. You are handed over a receipt by the bank, while the police pursues the case.
