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Friday, February 8, 2013

RBI for change in laws to deal with fake currency menace

The Reserve Bank said it is in talks with the Government to amend the relevant laws to ensure that persons generating fake currency are punished and not those who possess such notes innocently.

“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,” RBI Governor D Subbarao told newspersons after the board meeting here.

“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,” he said.

Source: thehindubusinessline


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