Module: General Practice
Q23: Which of the following statements regarding penalties for counterfeit notes detected in soiled note remittances are correct?
For denominations of ₹5, ₹10, and ₹20, the penalty is the recovery of loss to the extent of the notional value.
For the denomination of ₹50, the penalty is 50% of the notional value, in addition to the recovery of the notional value.
For denominations of ₹100 and above, if the CPM is 20 or more, the penalty is 200% of the notional value, in addition to the recovery of the notional value.
For the denomination of ₹50, the penalty is 50% of the notional value, in addition to the recovery of the notional value.
For denominations of ₹100 and above, if the CPM is 20 or more, the penalty is 200% of the notional value, in addition to the recovery of the notional value.
✅ Correct Answer: D
The penalties are graded by denomination and CPM.
The RBI Rules on Counterfeit Notes utilize these financial deterrents to ensure banks filter out fakes before remittance.
The RBI Rules on Counterfeit Notes utilize these financial deterrents to ensure banks filter out fakes before remittance.