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This is an archive article published on May 9, 2012

Verify authenticity of Rs 100 notes: RBI

RBI asked all banks to ensure authenticity of notes of Rs 100 and above denomination.

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In a step to check circulation of counterfeit notes,the Reserve Bank today asked all banks to ensure authenticity of notes of Rs 100 and above denomination before re-circulation.

“In light of Para 127 of the Monetary Policy Statement 2012-13…banks should now re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of Rs 100 and above should not be put into re-circulation without the notes being machine processed for authenticity,” RBI said in a notification.

RBI further said that banks should use such machines in all bank branches with average daily cash receipt of Rs 50 lakh and above,within a definite time frame.

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In its Monetary Policy 2012-13 on April 17,RBI had said that banks must ensure authenticity of notes received on their counters before re-circulation.

It had also asked banks to streamline their system which will make them bear the risk of counterfeit bank notes rather than the common man who ‘unknowingly’ comes in possession of such notes.

“The above instructions shall come into effect immediately and are applicable to all bank branches,irrespective of the volume of daily cash receipt,” RBI said.

Any non-compliance will be construed as violation of the above mentioned directive issued by the Reserve Bank,it added further.

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