In the regular course of daily life, the chances of receiving a counterfeit currency note is a risk that is at the back of most citizens’ minds. But are we always vigilant and alert? For instance, while going to a store or collecting our change from a shopkeeper, how often do we examine a note closely to check whether it’s fake or genuine?
Now it appears that there is cause for concern. It has come to light that youngsters in Chennai who find themselves in possession of such counterfeit notes, often try to dispose them off to hapless individuals who have no idea that they are being fooled.
Most of these youngsters seem oblivious to the fact that dealing with counterfeit currency is against the law. They’re too busy trying to show off to their buddies. Ramesh J.V., a college-goer who recently got a counterfeit Rs 500 note from one of his friends, says, “My friend needed some change and had given me this note. Only later did I realise that it was counterfeit, when I tried giving it to a shopkeeper at a supermarket. I got rid of that note at another shop as I knew the note carries no value in the market and I could not even exchange it at the bank.”
He admits, “Actually, it felt cool to pass it off and not bear the loss of 500 bucks just because someone duped me.”
Had he gone to the bank with it, he would have found that even banks find themselves unable to help customers who walk in with a fake note. M. Rajamanikyam, a retired senior official from a government bank, says, “If a customer walks in with a fake note and says that it was given to him by the bank, what proof does he have for the same? Thousands of customers walk in every day and there is no way you can keep a tab on individual notes. The bottom line is people should be careful while dealing with notes of big denominations and they need to do a basic check with respect to the watermarks and the magnetic ink line which are the hallmarks of a real currency note.”
Most people desist from informing the police about a fake note they might have received, simply to avoid the investigations and questioning that follows. However, the repercussions of passing off a fake note as a genuine one are quite serious.
A reliable source from the Reserve Bank of India explains, “According to sections of the CrPC (Code of Criminal Procedure) 489 A to 489 E, the intentional distribution of counterfeit currency is a criminal offence that can entail a fine and life imprisonment as well. It is advisable that any such possession is reported to the police so that they can carry out the necessary investigations.”