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Counterfeit money is currency produced outside of the legal sanction of a state or government, usually in a deliberate attempt to imitate that currency and so as to deceive its recipient. Producing or using counterfeit money is a form of fraud or forgery, and is illegal in all jurisdictions of the world
This reflects the importance of combatting counterfeit currency which reduces the value of genuine currency, leads to inflation and potentially destabilises our economic system. Today, criminals have relatively easy access to the technology, equipment and know-how required for counterfeiting.
If left unchecked, the circulation of counterfeit currency can undermine national economies, weaken financial institutions and jeopardize people’s livelihoods. It fuels the underground economy and finances the activities of organized criminal networks and terrorists.
Jul 9, 2023 · The counterfeit currency continues to be a pressing issue in today's interconnected world, threatening the integrity of our financial systems and impacting both individuals and economies.
When a banknote tendered at the counter of a bank branch / back office and currency chest is found to be counterfeit, an acknowledgement receipt in the prescribed format must be issued to the tenderer, after stamping the note as in Paragraph 3 ibid. The receipt, in running serial numbers, shall be authenticated by the cashier and tenderer.
Fake Indian Currency Note (FICN) is a term used by officials and media to refer to counterfeit currency notes circulated in the Indian economy. In 2012, while responding to a question in parliament, the Finance Minister, P. Chidambaram, admitted that there is no confirmed estimate of fake currency in India. [2]
Apr 1, 2024 · When a banknote tendered at the counter of a bank branch / back office and currency chest is found to be counterfeit, an acknowledgement receipt in the prescribed format must be issued to the tenderer, after stamping the note as in paragraph 3 ibid. The receipt, in running serial number, shall be authenticated by the cashier and tenderer.
How to check for counterfeit money If you are ever unsure about the authenticity of a note or want to be cautious every time you use cash, here are some tips to check for fake money: Gandhiji's image: In the context of Indian currency, the watermark refers to the outline of Gandhiji’s image.
Jun 27, 2024 · Whether you’re making fake money or handing it off to someone else, counterfeiting carries a prison sentence of up to 20 years. Contact the local police station or Secret Service office...
Report suspected counterfeit currency to your local authorities. Law enforcement agencies, banks and cash processors will submit suspected counterfeit currency to the Secret Service through our USDollars website.
