24 Apr 2018: #CheatSheet: What to do if ATM dispenses fake notes
While this incident raises concerns about banks' efficiency, the immediate question is what to do when a bank ATM gives you fake notes.
You should definitely not pass it on! Here's a guide to help you in such situations.
It's their fault: Banks are responsible for fake notes
If an ATM dispenses fake notes, the accountability lies with the concerned bank. Banks have machines installed to detect forged notes that check currencies before they are handed over to agencies to stash ATMs.
According to RBI guidelines, failure to detect fake notes will be treated as the bank's willful attempt to circulate counterfeit currencies.
A penalty will be imposed on the bank.
What to do: Hold fake note in front of ATM's CCTV camera
Most of us leave an ATM without checking notes, committing the biggest mistake.
Before leaving the ATM, do check the authenticity of the notes. If they are fake, it is advisable to turn towards the CCTV camera and report it, for evidence. A security guard's presence isn't the only proof.
Keep the transaction slip, write down the note's serial number, and then file an FIR.
It's illegal: Don't ever pass a fake note to someone else
Your 'chala-denge' attitude can get you in trouble. Passing off a fake note to someone can get you arrested.
If you get a fake note, submit it to the bank, which they'll stamp with COUNTERFEIT BANKNOTE IMPOUNDED. Fake notes are sent to RBI for destruction.
Remember, under no circumstance will the bank compensate you for the fake note, meaning you certainly lose the money, for no fault of yours.