Regulatory Alerts2026-07-31
Added · Updated
Fake Indian Currency Notes (FICNs)-Detection, Reporting and Monitoring
All banks must strengthen their capacity to identify, impound, and report Fake Indian Currency Notes (FICNs). They are required to train all cash handling staff by October 31, 2026, with staff in border areas trained by September 15, 2026, and submit Action Taken Reports by November 7, 2026, and September 22, 2026, respectively. Branches in international border districts must be equipped with Note Authentication/Sorting Machines, and banks' Forged Note Vigilance Cells must analyze FICN data. Furthermore, banks must institute a monitoring mechanism for compliance with the Master Direction on Counterfeit Notes, submitting a plan of action by September 15, 2026, to the Department of Currency Management.
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