Bengaluru: Its common knowledge that fake currencies are in wide circulation in India. The RBI regularly warns citizens and banks about this phenomenon, but individuals are helpless when it comes to the receipt of such notes which generally come from payments they recieve at their businesses, employers or from banks, and occasionally as cash payments from other individuals. It is when institutions refuse to accept the notes they proudce that they are at great disadvantage. Take the case of Tina Jain.
Whitefield resident Tina Jain, 33, was on an empty stomach when she arrived at Apollo Clinic near Kundalahalli Gate on March 17 to get her sugar levels tested. Tina was asked to go for further tests but the staff at the counter declined to accept the “1,000 note she gave them. Instead, they pointed to a notice board which read “1,000 notes will not be accepted’.
“I was shocked as I wasn’t carrying my credit card. I told the staff they cannot enforce such rules on commoners and that I couldn’t go looking for change,” recalled Tina. “When I asked the manager what about people not carrying credit or debit cards or those in an emergency, he replied that they cannot risk business because of this.”
Tina’s experience at Apollo Clinic may be unique as far as the establishment putting up a notice declining `1,000 notes is concerned. But there’s widespread reluctance among smaller busi ness establishments when it comes to accepting notes of higher denomination like ‘500’ and ‘1,000’.
The Reserve Bank of India doesn’t approve of declining currency notes on mere suspicion. “As per Sec tion 26 of the Reserve Bank of India Act, 1934, every bank note shall be legal tender at any place in India in payment or on account for the amount expressed therein. A notice refusing to accept any denomination of notes isn’t as per the provision contained in the act. If an establishment has apprehensions about counterfeit banknotes, they can install fake-note detec tors,” RBI officials said.
Asked if there were any specific complaints about fake `1,000 notes being in circulation, RBI said that its Bengaluru branch hasn’t received any such complaints.
‘Don’t rely only on one security feature’
A genuine Indian currency note can be distinguished with the help of features that are easily identifiable by seeing, touching and tilting a note.
It’s advisable not to rely on just one security feature as no counterfeit note can be expected to successfully copy all the security features present on the notes.
Further details can be had from http:www.paisaboltahai.rbi.org.in.RBI’s email reply to TOI
