No police case for less than five fake notes
HERALD CORRESPONDENT
NEW DELHI, AUG 31
The Finance Ministry is examining a Reserve Bank of India (RBI) recommendation not to harass people in possession of fake currency notes, which are in wide circulation. It has proposed action only if a person has more than five such fake notes.
The high-level group headed by RBI Deputy Governor Usha Thorat, and included former CRPF chief S I S Ahmed and a representative of the Indian Banks Association (IBA), also recommended relaxation in the regulation requiring banks to immediately inform the police about any citizen depositing a counterfeit note at its counter.
Instead of the bank being required to file an FIR with the police, it will have to impound such notes and send them to the RBI, giving an acknowledgment to the tenderer. In case (s)he is not an account holder, the bank will take fingerprints or ID proof.
The group felt the changes will stop harassment of common citizens who are not equipped to differentiate between a genuine and fake note.
