RBI to introduce reward schemes for banks reporting counterfeit notes

Posted By: Religare
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The Reserve Bank of India will soon bring out a scheme of incentives for banks to encourage them to report detection of counterfeit notes.

In the Monetary Policy Statement for 2013-14, RBI Governor D Subbarao had said, "In view of the recommendation of the Department-related Parliament Standing Committee (DPSC) for addressing the menace of counterfeit notes, it has now been decided that in order to encourage banks to report counterfeit notes, detected by them, a scheme of incentives for banks will be introduced."

The existing penalty for non-detection and non-reporting of counterfeit notes by banks is also being revisited, the Governor said.

According to the reports, the detailed guidelines regarding this will be released by the end of June.

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