Key Points
The popular series Farzi has again brought to the limelight the menacing issue of counterfeit notes..
If you get such a note at an ATM, show both the front and back of the note to the CCTV camera, and inform the security guard at the ATM.Take the receipt from the ATM of your transaction.Deposit the fake note and the transaction receipt at the bank, which will then ask you to fill a form and give you an original note in lieu of the fake note.According to RBI guidelines, banks have to refund the customer if fake notes come out from an ATM.If you receive a counterfeit note during a personal transaction, you cannot do anything unless you have hard proof that you have been duped.However, if you receive multiple fake notes, it is best to inform the closest Issue Office of the RBI or your nearest police station rather than trying to palm it off or hide it..
For notes of Rs.50 and higher, you need to have more than 80% for a full refund and between 40-80% for half of the value of the note.If you have more than 20 damaged notes or if the value of the notes is above Rs.5,000, the bank will charge you a transaction fee to replace them.Mutilated notes are those in which essential pieces are missing, such as the name of issuing authority, guarantee, promise clause, signature, Ashoka Pillar emblem, portrait of Mahatma Gandhi, watermark, etc..
While soiled notes can be exchanged in full, mutilated ones are refunded according to the RBI(Note Refund) Rules, depending on the extent of damage.Any of these notes can be exchanged at the counters of any public sector bank branch, currency chest branch of a private sector bank or Issue Office of the RBI without filling any form.Mutilated notes can also be exchanged through Triple Lock Receptacle (TLR) covers..
Mutilated notes can also be sent to any of the RBI offi ces by registered post.There is no exchange for badly burnt or crumpled notes..
