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How a fake note is detected?
Although fake currency is being printed with precision, the Crime Investigation Department (CID) says that they can be detected with some effort. Currency printed by local racketeers can be detected easily as they use the photographic method, hand engraved blocks, lithographic processes and computer colour scanning.
What happens if you deposit counterfeit money?
Depositing counterfeit money into a bank account is illegal, even if you do not know it is illegal. However, a court would have to prove intent to defraud the bank. However, if you try to deposit money and the bank finds it is fake, you will lose the value of the bills.
What happens when you deposit fake money?
Depositing counterfeit money into a bank account is illegal, even if you do not know it is illegal. Money passes hands every day, so unless you knew the money was counterfeit, you probably would not go to jail. However, if you try to deposit money and the bank finds it is fake, you will lose the value of the bills.
What happens if you deposit fake money into ATM?
Banks are required to confiscate the counterfeit money and turn it over to the Secret Service, which investigates and takes the counterfeit bills out of circulation. Last year, the agency seized $58 million overall in counterfeit U.S. currency.
Where is the counterfeit notes stored?
All Counterfeit Notes received back from the police authorities/courts may be carefully preserved in the safe custody of the bank and a record thereof be maintained by the branch concerned.
What is the charge for counterfeit money?
Federal Crimes Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine.
What happens if you deposit fake notes in the bank?
At a bank counter: While depositing cash, if the bank is able to establish that the notes are fake, these will not be credited to the customer’s account. What is more, the note will not be returned to the tenderer.
How to detect counterfeit money?
With a view to facilitating the detection of counterfeit notes, all bank branches have to be equipped with ultra-violet light devices and other appropriate currency sorting or detection machines.
How many counterfeit notes were detected in India in 2016-17?
The Reserve Bank of India ( RBI) in its latest annual report said that during 2016-17, 762,072 pieces of counterfeit notes were detected in the banking system, of which 95.7 percent were found by commercial banks. This was 20.4 percent higher than what was detected in the previous year.
What is RBI’s policy on counterfeit currency?
Fake currency at ATMs: RBI has instructed banks that it is imperative to put in place adequate safeguards and checks before loading ATMs with notes, as any dispensation of counterfeit currency through ATMs would be construed as an attempt to circulate such notes by the bank.