RBI pitches in for change in law to punish fake currency makers

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RBI pitches for change in law to punish fake currency makers
The Reserve Bank of India (RBI) on Thursday said it has been in talks with government to review and change the law dealing with fake currency scare and make sure that those who generate such notes get punished only instead of innocent users.

"We are in negotiations with the government of India on how this law can be reviewed and changed, so the responsibility for the fake currency is actually on the people who are responsible for generating it," said RBI Governor D Subbarao.

"But at the moment, regrettably, the holder of fake currency is responsible for that and if a branch manager says that he (the person with the notes) is accountable for it, then he is right," Subbarao added.

Subbarao said that he has asked branch managers to be more lenient with such fake currency holders and understand the circumstances under which that person might have come into possession.

"We have said banks must check all currency for its cleanliness and for its genuineness before it is fed into the ATMs," he said.

Read more about: rbi, currency
Story first published: Friday, February 8, 2013, 13:30 [IST]
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