What is the punishment for fake currency in India?
Whoever counterfeits, or knowingly performs any part of the process of counter- feiting, any currency note or ank note, shall be punished with (imprisonment for life), or with imprisonment of either description for a term which may extend to ten years, and shall be liable to fine.
What should I do if I receive fake money in India?
Plan A: Point it towards the security camera. Plan B: Check with the guard and file a complaint with him. Plan C: Go to a branch of the bank whose ATM you have used and show them the printed receipt and tell them about the note. Push them to check CCTV footage of that ATM branch in case they require more proof.
Is counterfeit currency illegal?
Counterfeiting Federal Reserve notes is a federal crime. Possession of counterfeit United States obligations with fraudulent intent is a violation of Title 18, Section 472 of the United States Code and is punishable by a fine of up to $15,000, or 15 years imprisonment, or both.
What country has the best counterfeit money?
Responsible for producing and distributing an estimated 60 percent of the world’s counterfeit U.S. notes, more fake American money comes from Peru than any other country, according to the Secret Service, which has been combating the currency’s rise since 2003.
What IPC 272?
According to section 272 of Indian penal code, Whoever adulterates any article of food or drink, so as to make such article noxious as food or drink, intending to sell such article as food or drink, or knowing it to be likely that the same will be sold as food or drink, shall be punished with imprisonment of either …
How are fake currency made?
In genuine notes, the security thread is incorporated into the paper at the time of manufacture. But in fake notes, the security thread is imitated by drawing a line with a pencil, by printing a line with grey ink, or by using aluminium thread while pasting two thin sheets of paper.
Will a bank accept fake money?
The RBI rules say that the receipt is to be issued even in cases where the tenderer is unwilling to countersign it. The bank will also have to stamp “counterfeit note” on the currency and once impounded, it has to be recorded in their registers.
Do banks accept fake notes?
Counterfeit banknotes are rare and also worthless. We cannot reimburse you for counterfeit banknotes. The suspect notes will be sent to the National Crime Agency and if counterfeit to the Bank of England for further examination.
What is the most faked currency?
US Dollars It may not come as a surprise to learn that the US dollar is the most commonly counterfeited currency in the world according to the Federal Reserve Bank of Boston.
Which currency is hardest to counterfeit?
One estimate detailed that more than 75% of the nearly $600 billion in $100 bills circulates outside of the U.S. Due to its popularity, the American $100 bill is one of the most counterfeited currencies, but also one of the most difficult to fake.
Which is the official term for Fake Indian currency?
Find out some tips in this article. Fake Indian Currency Note (FICN) is the official term for counterfeit notes in the Indian economy. Estimates vary as to how many fake notes are in circulation.
Where does counterfeit money come from in India?
Pakistan is believed to have numerous counterfeit currency networks operating out of Nepal, Bangladesh and Thailand. Countries such as the United Arab Emirates, Sri Lanka and Malaysia are also used as transit points. In India, Gujarat state is the biggest hub for fake currency.
How can I find out if my money is fake in India?
However, the best way to spot fake Indian currency is to familiarize yourself with what real Indian currency looks like. The Reserve Bank of India has a website called Paisa Bolta Hai (money speaks) for this purpose. It contains large pictures of all the new Indian notes with detailed descriptions of their security features.
Where are counterfeit Indian notes being smuggled from?
Bangladesh is another major transit route for counterfeit Indian currencies being trafficked from Pakistan. The Bangladeshi media has reported various instances when fake Indian notes were seized by their authorities; all the arrested smugglers have a direct link with Pakistan.