NEWS & ADVICE : SAVINGS ACCOUNTS
RBI to make amend laws to deal with fake currency
By Neelima Shankar
Feb 8, 2013
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The Reserve Bank of India is to talk with the Government to make some relevant amendments in the laws to deal with the fake currency menace and ensure that persons generating fake currency should be punished and not those who possess fake currency.

Mr. D Subbarao, Governor of RBI said, "We are in negotiations with the Government of India on how this law can be reviewed and changed so that the responsibility for the fake currency is actually on the people who are responsible for generating the fake currency".

Mr. Subbarao further added, "But at the moment, regrettably, the holder of fake currency is responsible for that and if a branch manager says that he (the person with the notes) is accountable for it then he is right".


 


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