Thursday, 17 March 2011

What to do - If your ATM issues FAKE CURRENCY !!??!!


In this technically advanced world, anything is possible !!! It fits to both good and evil things !!! Few decades earlier money transaction(with authentication) was done via banks alone !!! But now, we can find an ATM (Automated Teller Machine) almost in every street !!! Now the question is, how much control does Government have over ATM !?!?


History of ATM in India !!!


In 1987, HSBC bank installed its first ATM in India !!! It took 20 years - after the invention of the same !!!


Now, India is one among the TOP TEN countries which has maximum number of ATM / Lakh people !!! (Canada leads the list with an ATM/450 people)


Back To topic !!!


In recent days, many people could have encountered this problem !!! FAKE NOTES in ATM !!! 


Shocking news is that, Fake notes are even found in Nationalized Banks !!! The major reason is that, ATM in India is totally Privatized !!! Luckily Indian banks have few control over the same !!!




When loading money in an ATM, serial number of the currencies are noted and record is maintained !!!


Let me take a small case study in explaining the situation - with maximum clarity !!!


Assume, I withdrew  Rs.5000 from ICICI bank ATM in Mumbai !!! I then use this note elsewhere(say in shopping malls) !!! It was found to be FAKE !!! Then, my note will be returned to me(it also happens in most of cases that local police may  be involved - but no problem until you have a proof of where u received money from) !!! Now I must take this FAKE NOTE to ICICI bank, located anywhere in India !!! I have to prove them that I have withdrew the currency from ICICI Bank - Mumbai Branch !!! This could be done by verifying serial number of the currency !!!


In case we come across Fake Currency from our friends / relatives and we got caught !!?!?!?!? This is the situation which no-one should encounter !!! Because in this case we may be accused !!!


Finally - Prevention is better than cure !!!


The portrait of Mahatma Gandhi, the seal of the Reserve Bank of India, the Ashoka Pillar emblem, the guarantee and promise clause and the RBI Governor’s signature are printed in relief on genuine notes. These can be felt by hand in notes of denominations Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000. On the other side, a vertical band on the right of Mahatma Gandhi’s portrait carries a latent image showing the denominational value of the particular note. Hold the note horizontally at eye level, and this image becomes visible.


My Instant Idea - CAN PRIVATE BANKS INSTALL FAKE CURRENCY DETECTOR WITH ATM MACHINE AT-LEAST FROM NOW !?!?!?!?!?!


Trivia - Statistics says more number of US dollars are printed for Fun / Game purpose than that printed by US Treasury !!!


Hope this post was useful !!! Please refer this blog to your friends !!! Meet u soon !!!

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