Counterfeit Bank Notes and Other Related Matters; The Position of Law

When most banks discover that a customer has in his/her possession counterfeit bank notes, the counterfeit money is usually collected and mutilated, and the customer cautioned. The bank does this when the customer has one or a few counterfeit notes in his possession without realizing that the notes are counterfeit. Many do not realize that this step taken by the banks is just a tip of the iceberg when compared to the penalty prescribed for possession of counterfeit notes under the law.