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
- Update your bank's counterfeit note impounding procedures to use the revised receipt format from Annex I.
- Train tellers and cash handlers on the new receipt parameters to explain why a note is deemed counterfeit.
- Ensure all branches have copies of the amended proforma for immediate implementation.
Who it affects
Primary (Urban) Co-operative Banks, Bank tellers and cash handlers, Customers tendering notes for verification
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.