The Indian Home Ministry (MHA) has declared an alert level regarding fake ₹500 notes that are circulating in the country. These fake notes are made in such a sophisticated manner that even experts have a tough time telling them apart from the original currency.
If you have just been handed a ₹500 note- whether from the shop, from a customer, or the ATM- now is when you need to verify it.
Alert Key Agencies
The government has sent this alert to all crucial investigative agencies, among which are:
- Directorate of Revenue Intelligence (DRI)
- Financial Intelligence Unit (FIU)
- Central Bureau of Investigation (CBI)
- National Investigation Agency (NIA)
- Securities and Exchange Board of India (SEBI)
Authorities confirm the note’s imprints are done with high precision, making them almost one with real currency.
How to Identify a Fake ₹500 Note?
Even fake notes, despite holding a true credit to the appearance, have some shortcomings that give away their identity:
Spelling Mistakes
- Fake Note: They write “Reserve Bank of India”
- Real Note: “Reserve Bank of India” is the correct name.
Variation in Print Quality & Ink Colors
- Barely noticeable color variance
- Text and design are faded or irregular.
Absence of Security Measures
- The legit note has a clear watermark of Mahatma Gandhi.
- The security thread has “Bharat” and “RBI” when you hold it against the beam.
- Fake notes will have either blurred copies of the above or will just lack these details.
What Makes Fake Notes an Increasing Threat?
Government agencies are saying:
- A huge number of counterfeit notes are already in circulation.
- Not for financial fraud purpose, its objective is to cripple the banking system and economy of India.
Are Bank Notes Safe? Are ATM Notes Safe?
Bank and ATM notes are generally trustworthy, but there are new reports saying that fake currency is dispensed from ATMs. Make sure to check the notes before accepting any considerable denomination like ₹500 or ₹2000.
What Should You Do If You Come Upon a Suspected Fake Note?
- Do not pass it on- keep it aside.
- Report it immediately to the nearest bank or police station.
- Ask the bank for an acknowledgment receipt.
- Should you become aware of anyone disposing of fake banknotes, inform the police at once.
Important Precautions
- Always check ₹500 and ₹2000 notes during cash transactions.
- Be very cautious while handing cash to street vendors or small shops.
- Business owners should invest in a currency detection machine.
In case of a doubt, ring up the RBI helpline or call local authorities.