Tips to Identify Fake Money: Studying abroad is an exciting adventure that brings new experiences, challenges, and great career opportunities. However, Indian students need to be informed about their finances, especially when handling cash. Recognising counterfeit currency is a skill that can protect you from financial loss and legal troubles. Usually, the scammers target international tourists and students who are not aware of the features of the local currency. Let’s understand how you can identify fake money.
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Also Read: Read this and know how to convert foreign currency to Indian Rupee
Important Tips to Identify Fake Money
There are a lot of factors based on which you can easily identify an authentic currency note of a country. Quality of paper, thread observation, sizes and fonts, holograms etc are the primary things which should be considered for checking the authenticity of a note. With the increasing counterfeit currency crime, every country has issued guidelines which you should know while dealing with cash. Check the details below:
Feel the Texture
All genuine and original currency note has a distinct feel. Indian currency, for example, is made of cotton and cellulose material. Run your fingers over the note to familiarize yourself with the texture. You can easily feel the difference between original and fake notes by their paper quality.
Check for Watermarks and Security Threads
Authentic currency notes have watermarks and security threads. Hold the note up to the light to see these features, which are difficult for counterfeiters to replicate.
Verify the Holograms
Indian currency notes feature holographic images, which change appearance when tilted. Genuine holograms are challenging to reproduce accurately. You can easily check the hologram and spot the same if it’s fake.
Examine Microprint
Authentic notes have microprint that is clear and sharp. You can use a magnifying glass to check for tiny text that is difficult to replicate precisely.
Look for Color-Shifting Ink
Some currency denominations use colour-shifting ink. Tilt the note to observe color changes which is a feature challenging for counterfeiters to copy. Also, those inks are not easily available to everyone and are closely monitored by the government.
Formatting on currency notes
Through every currency note, a series of unique numbers run which you can easily notice. The size, alignment and gaps between the figures or digits are useful to identify if the note is fake. If the alignment is poor or the numerical figures are unequal then the note is counterfeit.
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What if You Identified Fake Money?
There might be a moment when you are dealing in cash and mistakenly accept fake currency. Some fake currency notes seem so genuine that if you are not fully alert you will accept it. Every country has different laws that punish individuals who have been caught circulating counterfeit currency.
In India, if you are making any attempt to circulate counterfeit currency with the knowledge that it is fake, then it is punishable under IPC Section 489C which will attract a fine as a penalty or imprisonment varying from seven years to life imprisonment, or both. Let’s understand how to deal with the situation where you have accepted fake currency by mistake:
- Immediately report the incident to the bank or the police that you have accepted fake currency by mistake.
- Hand over the note to the bank and ask them to provide an acknowledgement for the same so that you can keep a record.
- In case the fake notes have been received from an ATM, immediately show the notes to the CCTV camera in the ATM. If there is a security guard for the ATM, then inform the same about it and also keep the receipt of your transaction safe so that you can claim a refund from the bank.
FAQs on Identifying Fake Money
If you have received a fake note, immediately report it to the police or any RBI-regulated bank. Try to get an acknowledgement receipt for future reference.
In a genuine USD note, there are two serial numbers located on the front side of the note on either side. Check the note carefully and ensure that the serial numbers are matching. Check the colour of the serial numbers on the currency note and compare it to the colour of the Treasury Seal.
If you suspect that the note which you have received is a counterfeit banknote, then immediately take it to the nearest police station. The police will record the issue and fill out an NCO-1 form. Make sure you have received a receipt for the same with the incident number.
On a genuine INR note, the security thread is attached through the currency but if you observe a fake note, the thread looks like it has been drawn on that. On a real note, you can see the thread in which ‘Bharat’ and ‘RBI’ are engraved on it.
Most of the country says that it is illegal to possess counterfeit money if you know that it is counterfeit or fake. If you are trying to use it to defraud another person, this can lead to minor crime charges or even a felony charge which will be punishable by several years in jail or state prison.
Staying vigilant and informed about counterfeit currency is an essential aspect of managing your finances as an Indian student studying abroad. By following these tips, you not only protect yourself from financial risks but also contribute to a secure and trustworthy financial environment for yourself and those around you.
To know more about different currencies, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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