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Revised Receipt for Counterfeit Note Impounding

Current · Source: Reserve Bank of India · RBI/2008-09/331 · issued 26 Dec 2008 · ~1 min read
Quick answerRBI has updated the receipt format for impounded counterfeit notes to include specific reasons why a note is deemed counterfeit, addressing public complaints about lack of transparency.
The rule, in the simplest words
How it plays out — a real example

A teller in Mumbai, named Rohan, is now using the updated receipt format when a customer, Mrs. Kumar, tries to deposit a suspected counterfeit note. Rohan explains to Mrs. Kumar why the note is deemed counterfeit, using the new parameters on the receipt, and provides her with a copy of the amended receipt. This helps build trust with Mrs. Kumar and reduces the chance of a dispute.

What changed

The receipt format in Annex I of the Master Circular on counterfeit notes has been modified to include parameters for deeming a note counterfeit. Previously, tenderers were not informed of the reasons; now the receipt must specify these parameters.

What it means for you

Banks must use the new receipt format immediately to ensure transparency when impounding suspected counterfeit notes. This change aims to reduce customer disputes and improve trust in the handling process.

What you must do

Who it affects

Primary (Urban) Co-operative Banks, Bank tellers and cash handlers, Customers tendering notes for verification

❓ Common questions

When must we start using the new receipt?

The circular states the change is effective immediately from the date of the circular (December 26, 2008), so banks should adopt it without delay.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/331 UBD. PCB. Cir. No. 31 /09.39.000/2008-09 December 26, 2008 To Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir/Madam Detection and impounding of Counterfeit Notes – Issue of Receipt to tenderer - Please refer to para. 3 on Issue of Receipt to the tenderer of a counterfeit note detailed in the Master Circular DCM (FNVD) No.G – 1/16.01.05/2008- 09 dated July 1, 2008 (available on our website www.rbi.org.in ) relating to detection and impounding of counterfeit notes issued by Department of Currency Management, Central Office. 2. Complaints are being received from the public that while impounding a counterfeit note, the tenderer is not informed the reasons for deeming a note as counterfeit. It is advised that the format of the receipt at Annex I of the Master Circular has been modified with immediate effect indicating the parameters on which a note is deemed as counterfeit. A copy of the amended proforma of the receipt is enclosed. Yours faithfully, (S. S. Barik) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/331 · issued 26 Dec 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Branch Manager at a bank this circular applies to (Primary (Urban) Co-operative Banks, Bank tellers and cash handlers, Customers tendering notes for verification), your first concrete step on “Revised Receipt for Counterfeit Note Impounding” is: “Update your bank's counterfeit note impounding procedures to use the revised receipt format from Annex I.” (RBI issued this 26 Dec 2008).

  1. Circular: RBI/2008-09/331 -- Revised Receipt for Counterfeit Note Impounding
  2. Issued: 26 Dec 2008
  3. Action required: Update your bank's counterfeit note impounding procedures to use the revised receipt format from Annex I.
  4. Action required: Train tellers and cash handlers on the new receipt parameters to explain why a note is deemed counterfeit.
  5. Action required: Ensure all branches have copies of the amended proforma for immediate implementation.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4733&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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