With that impending question haunting us daily, it is wise to be aware of the fact that fake notes are being circulated all across the globe which also counts for a certain percentage of the global economic destabilization.

Banks even have the right to impound that fake note right away. In an annual report unveiled by RBI, it has been stated that almost 762,072 notes were detected in the bank which puts the paranoia to a whole new level.

So with that in mind, even if you receive the money from a bank, be wise enough to check the notes because it is evidently not the safest place anymore.

At Bank Counters

If someone is found to have been depositing fake currency in the bank, that amount will equate to nothing with your account getting zero credits for the amount of counterfeit money deposited.
If the bank fails to keep the money confiscated, then the bank might even be penalized for not holding the record of the physical evidence. In case the cash gets impounded, the bank will have to issue a formal letter of acknowledgment which has to be signed both by the tenderer and cashier.

Beware of Fake Currencies at ATM

As per rule, the banks have been warned since detection of counterfeit money in ATM will result in the proving of bank’s incompetence and will be responsible for fake circulation money. So before dispensing the cash, proper checking needs to be done to make sure that everything is legitimate.

It is also important for the consumers to be aware and vigilant before collecting money from any sources. Counterfeits are often hard to distinguish, but with all the devised protocols by RBI, it won’t be that hard to find the fake notes if you do have one.