10/26/15 10:43 AM

How to Stop Fake Currency Notes from ATMs?

fake currency notes from atm

What if an ATM issues us fake currency notes? Who should we complain to? This is the problem faced by many. Every person, at some point of time or the other, might have incurred loss due to fake currency at some point of time or the other. Why should this happen? When we deposit money in bank accounts, they thoroughly check the notes at banks before receiving them, right? Why do they not check the notes while issuing to us? Why are fake currency notes being issued even after thorough check?




Reserve Bank of India has issued a set of guidelines to all banks in the country to eradicate fake currency. Whenever cash is accepted from customers, notes are to be checked thoroughly. The check should also be performed while issuing cash to customers. Fake currency check should also be facilitated while filling ATM machines. Presently, banks are offering ATM money loading as sub-contracts. Since there is no proper currency check here, we are at loss due to fake currency. Korada.com has sought a solution out for this issue.

It would be great if an arrangement (for eg., a small machine) is made to check authenticity of currency notes when they are dispensed from ATM machine. This should be made in such a way that the ongoing transaction gets cancelled when a fake note is detected. If this is implemented, not even a single fake currency note will be issued in ATMs. Installing this small machine as a part of ATMs would suffice. This option is provided in ATMs through which we can deposit money, which means that banks are taking all measures to see that no fake currency notes are deposited in accounts. Why do they not take the same measures while issuing notes to us? Let us all demand provision of option that stops issue of fake notes to us in ATMs. If you are impressed with the idea, please take a couple of seconds to share the post immediately. If one demand like this is raised, Reserve Bank will definitely give it a thought.

Another important thing is that in case you receive a fake currency note in an ATM, hold the note close to CCTV camera so that the serial number on it is visible and file a complaint with the concerned bank. Whether you get your money back or not, banks will regard the matter seriously and take proper measures to see that it does not repeat.

Please share the post to put a check on receiving fake currency notes from ATMs.



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