Fake Rs 500, Rs 1000 Notes Circulation; RBI Warns

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The Reserve Bank of India on Wednesday warned the public to accept the notes after careful scrutiny and asked members to make it a habit of looking at the notes before accepting them in the usual course of daily transactions.

Also read: 11 Ways To Identify Fake Rs 500 Notes In India

Watch Out For Fake Notes; RBI Warns

"It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public", the RBI said.

Genuine Indian currency notes of higher denominations have strong counterfeit resistant security features. The fake notes can be identified on closer inspection, added further.

Also read: 3 Ways To Identify New Rs 500 And Rs 1000 Banknotes

The Reserve Bank reiterated that counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.


Read more about: rbi, currency
Story first published: Thursday, October 27, 2016, 12:39 [IST]
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