Banks may not have to file FIRs on detecting fake currency

The filing of an First Information Report (FIR) by banks when fake currency notes are detected may be waived. The latest Finance Ministry report suggests that this is aimed at improving reporting of such cases. Reporting of fake notes should be limited to making the information available to the Reserve Bank of India/Financial Intelligence Unit – India, the report suggests.

Generally Banks’ branches are hesitant to report fake notes to RBI/FIU-IND and in lodging FIR with the police. This is primarily because of the fear of police harassment, said the report on reforms in currency chest operations and management.

The report suggests that employees of banks need to be assured that mere reporting of fake currency notes would not land them in trouble and they should be encouraged to promptly report such instances without any sense of fear.

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