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RBI to introduce reward schemes for banks reporting counterfeit notes

By Religare
|

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.

Read more about: rbi
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