…and full of troubles. The machine that you have come to rely on to as much as buying a pack of milk, can easily throw in you jail, if you’re not careful.

Post-demonetisation, different parts of the country have reported cases of receiving fake notes from the ATMs. In April 2018, fake notes with Children Bank of India had made rounds in several cities like Bareilly and Delhi, causing many to lose faith in ATMs altogether.

What should you do when you receive a fake note from an ATM?

The first thing to do is to prove it that you received it from the specific ATM. These are the basic pointers for you to keep in mind:

  • Make sure you get a receipt of the withdrawal. If the bank does not issue one, owing to the Green Initiative, then make sure that an entry was made in your mobile banking app
  • All ATMs have a security camera. Show the note to the CCTV camera so that the footage of the withdrawal and note is there with the bank.
  • Report to the nearest branch of the same bank about the issue immediately. If less than 4 notes were fake, then the bank will impound the notes. If more, then bank will lodge a police complaint and use your transaction records.

What the bank will not do is refund your money – which makes you wonder why bother and merely keep the note. However, knowingly circulating a fake note is a punishable offence under section 489B that can lead to imprisonment for life. Even if you circulated the note unknowingly and are caught, you will have to bear the hassle of a trial and proving that you had no prior knowledge.

How does a fake note detector help?

The 2 primary challenges when one gets a fake note from ATM or any other source are:

  • To identify if the note was fake in the first place
  • To prove that there was no intention of circulating the FICN (Fake Indian Currency Note)

 

A fake note detector like Kores Empower, that is pocket-size so you can carry it around daily, helps in overcoming both the challenges.  Kores Empower’s breakthrough M-Code technology helps you identify fake notes with molecular precision, when compared to other fake note detectors. Once you have identified the fake note, you can report it, thereby absolving you of any intention of malicious circulation.

 

So avoid the bumpy ride to jail by simply getting Empower.

Sources: https://www.zeebiz.com/personal-finance/news-found-fake-note-in-bank-atm-do-this-or-you-may-end-up-in-jail-68115

https://www.tomorrowmakers.com/financial-planning/what-do-do-if-you-find-yourself-fake-cash-article