By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Reading: Demonetisation: RBI Seeks Details Of Fake Currency From Banks
Share
Aa
Aa
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Search
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2023 BeFirsTrank News Network
News

Demonetisation: RBI Seeks Details Of Fake Currency From Banks

srijita
Last updated: 2016/12/16 at 4:09 PM
By srijita 2 Min Read
Share
SHARE

Demonetisation: RBI Seeks Details Of Fake Currency From Banks

Mumbai: To ascertain the amount of counterfeit currency, the Reserve Bank has asked all banks to send details of all fake notes detected during exchange and deposits of defunct old high-value notes post demonetisation.

Banks are required to send details of fake currencies in three different dates, the first of which is December 16.

The RBI in an advisory issued to banks earlier had said that banks needed to daily report the counterfeit notes detected from specified bank notes (i.e. scrapped old Rs. 500 and Rs. 1,000 notes) received by them till December 30, 2016.

“In continuation by the same, the banks are advised to send branch-wise report on detection of counterfeit notes,” the RBI said in a notification.

For counterfeit notes detected between November 10 to December 9, banks need to furnish the report in a specified sheet prescribed by the RBI on December 16.

For reporting period December 10-16, the details are to be sent on December 23; while for December 17-30 period, RBI has asked them to send report on January 6, 2017.

The RBI has also asked banks to keep details on specified bank notes (SBNs) separately for analysis later on.

“Further, counterfeit notes detected in the SBNs received in exchange and deposits should be kept branch-wise, in a secured and segregated manner, so that further analysis, as necessary, can be conducted at a later stage,” read the RBI notification.

Though the RBI is publishing data on SBNs regarding the amount exchanged/deposited at banks and RBI counters on a regular basis, there is no data as to what percentage of it contains the counterfeit notes in SBNs.

Giving the rationale behind scrapping SBNs last month, Prime Minister Narendra Modi in an address to the nation on November 8 said it is aimed at eliminating fake notes and unaccounted money from the system apart from checking terrorism financing.

[“source-ndtv”]

You Might Also Like

Beyond the Map: What Modern Vehicle Tracking Can Do for Your Business

What Should My Video Game Room Have?

From Traditional Payments to Innovative Solutions: How Car Insurance Is Adapting to Modern Needs

Step by Step in Selling Your Car Online

Why Use BMW Km Stopper?

TAGGED: 'Demonetisation, Banks', Currency, Details, Fake, From, of, RBI, Seeks
srijita December 16, 2016
Share
Previous Article Banks Receive Rs 12.44 Lakh Crore Of Old, Invalid Notes So Far, Says RBI
Next Article 3-Day Bank Holidays Add To People’s Cash Woes

Calendar

May 2025
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  
« Apr    

Latest Trending News

  • Over the Next Ten Years, the Used Car Industry May 8, 2025
  • Beyond the Map: What Modern Vehicle Tracking Can Do for Your Business May 3, 2025
  • What Should My Video Game Room Have? April 28, 2025
  • Personalized advertising fuels growth and drives competitiveness for European businesses April 28, 2025
  • Personalization, AI, and the future of retail April 14, 2025
  • Europe’s New Car Buyers and Selected Sustainability April 8, 2025
  • Motor SRC 500 Review: A Powerful Cruiser April 4, 2025

© 2023 Befirstrank News Network. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?