A new counterfeit Rs 500 note that has already been distributed in the market has prompted the Ministry of home Affairs (MHA) to issue a "high alert."
The Securities and Exchange Board of india (SEBI), the National Investigation Agency (NIA), the Central Bureau of Investigation (CBI), the Directorate of Revenue Intelligence (DRI), the Financial Intelligence Unit (FIU), and other significant financial and regulatory organizations have been alerted. Additionally, it issues a warning regarding the similarities between these counterfeit and real notes.
How to Identify a Fake Rs 500 Note?
The quality and print of the counterfeit Rs 500 notes are nearly identical to those of the real thing, making it extremely difficult for the average individual to tell them apart. It is particularly challenging for the government to locate these notes when we are conducting transactions quickly and don't give the authenticity of the notes any thought. These counterfeits do, however, have a flaw that can help you spot them.
In "RESERVE bank OF india," the letter "E" in "RESERVE" has been mistakenly swapped out for the letter "A." One method to identify counterfeit notes and prevent possible loss is to make this small mistake.
Nationwide Alert By MHA
Given the possibility that a large quantity of these counterfeit notes may have been in circulation, banks, financial institutions, and other relevant organizations have been placed on high alert. To assist people and organizations in recognizing suspected counterfeit cash, photos of the note have been circulated.
Citizens and financial institutions have been warned by authorities to exercise caution and report any strange cash right away.
The precise number of counterfeit notes in circulation is still unknown, according to a senior detective working on terror financing investigations. The counterfeit notes that the public deposits in banks provide the authorities with data. The real figures, however, may be higher.
Government Measures Against Counterfeit Currency
To combat the problem of counterfeit money, the government has taken a number of actions. such as the punitive measures found in the Unlawful Activities (Prevention) Act of 1967 (UAPA) and the Bharatiya Nyaya Sanhita of 2023 (BNS). creation of organizations such as the Terror Funding & Fake currency (TFFC) Cell, the FICN Coordination Group (FCORD), and the National Investigation Agency (NIA).
To better detect counterfeit currency, all bank branches, designated back offices, and currency branches have sophisticated banknote sorting, verification, and counterfeit detection equipment.
The Securities and Exchange Board of india (SEBI), the National Investigation Agency (NIA), the Central Bureau of Investigation (CBI), the Directorate of Revenue Intelligence (DRI), the Financial Intelligence Unit (FIU), and other significant financial and regulatory organizations have been alerted. Additionally, it issues a warning regarding the similarities between these counterfeit and real notes.
How to Identify a Fake Rs 500 Note?
The quality and print of the counterfeit Rs 500 notes are nearly identical to those of the real thing, making it extremely difficult for the average individual to tell them apart. It is particularly challenging for the government to locate these notes when we are conducting transactions quickly and don't give the authenticity of the notes any thought. These counterfeits do, however, have a flaw that can help you spot them.
In "RESERVE bank OF india," the letter "E" in "RESERVE" has been mistakenly swapped out for the letter "A." One method to identify counterfeit notes and prevent possible loss is to make this small mistake.
Nationwide Alert By MHA
Given the possibility that a large quantity of these counterfeit notes may have been in circulation, banks, financial institutions, and other relevant organizations have been placed on high alert. To assist people and organizations in recognizing suspected counterfeit cash, photos of the note have been circulated.
Citizens and financial institutions have been warned by authorities to exercise caution and report any strange cash right away.
The precise number of counterfeit notes in circulation is still unknown, according to a senior detective working on terror financing investigations. The counterfeit notes that the public deposits in banks provide the authorities with data. The real figures, however, may be higher.
Government Measures Against Counterfeit Currency
To combat the problem of counterfeit money, the government has taken a number of actions. such as the punitive measures found in the Unlawful Activities (Prevention) Act of 1967 (UAPA) and the Bharatiya Nyaya Sanhita of 2023 (BNS). creation of organizations such as the Terror Funding & Fake currency (TFFC) Cell, the FICN Coordination Group (FCORD), and the National Investigation Agency (NIA).
To better detect counterfeit currency, all bank branches, designated back offices, and currency branches have sophisticated banknote sorting, verification, and counterfeit detection equipment.
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