Connect with us

Hi, what are you looking for?

News

No exchange possible if notes are fake

People approaching banks to exchange the pre-2005 currency notes they have will not be able to do so if the currency notes in their possession are found to be counterfeit, RBI has clarified. Banking experts feel the chances of these currency notes being fake are quite high as well. The RBI said if someone has counterfeit currency notes there will not be any exchange possible. Banks will check whether the notes are fake nr not using machines and only upon confirming that these are genuine will they be offered payments. The government has concrete proof to say that Pakistan has successfully replicated Rs100, Rs 500 and Rs 1,000 denomination currency notes of the pre-2005 era, which were low on security features. According to government sources, the whole idea of this exchange is to flush out the entire pre-2005 fake currency notes from the system and it is very difficult for an average person to detect them as fake. The RBI, in an order on 23 January, said all series of notes issued prior to 2005 would be acceptable for monetary transaction only till 31 March.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire