Would an arithmetic check be done be done before by the banks?
Ref: Banks asked by RBI to collect counterfeit notes and give credit to customers
Comment: If any person is coming at branch counter to deposit, whether fake or actual notes are to be accepted only after arithmetical check? If 5 notes of 1000 are found fake at counter in a single deposit of 6000, the credit of 6000 is to be given to depositor and Rs.3750 are to be booked for loss to bank and Rs.1250 is due collection RIT from RBI or entire 5000 are to be recorded in RIT, then what about prudential norm of provisioning.
Name: M.H. Makhdoomi