How to handle a situation when you receive currency from ATM which was not accepted by a banker when the same was remitted.
The reason the notes are not genuine.
This was the situation informed to me by one of our co flat tenant. She had withdrawn in two or three occassions a sum of Rs50000 from a bank ATM nearer to our flat. She is banking with some other bank.The money was intended for a function. After expending the amount she was left with Rs.20,000/- which she sent through one of relatives to remit to her account.
The SWO at the counter informed the remitter that the Rs.500/- . notes are not genuine. However she was kind enough to return the notes to the remitter with advise to come on the next day along with the account holder who had given the notes.
Panic stricken the elderly lade arrived at my flat and informed the incident and sought my advise as how to resolve the issue avoiding the loss.
On verification of various rules and regulations, it is concluded that onus lies only with the customer who had withdrawn the note from the ATM and not with the bank who had dispensed the note through their ATM . Further it will be very difficult to prove that the notes were withdrawn from their ATM as it has been done in 3 or more occasions and it will be difficult to pin point in which withdrawal these disputed currency was dispensed.
We also verified the notes with the various parameters specified in the internet and could not come to any conclusions whether they are genuine or not. Especially the year of printing was not available at the bottom in few notes. However one thing is that all these notes had gone on circulation for various times and had lost the crispness.
Everybody was in a fix to come to conclusions One of the inmates informed that they had similar problem and some how or other they exchanged the note in a mall. But that time the disputed currencies were only 5. Here there are 40 pieces. The meeting ended without any conclusions and the old lady left sadly as to how to dispose the notes and avoid loss for which she is not at all responsible.
Two days later in the afternoon I received a phone call from the lady who informed
"Sir Just now I had remitted these notes in a bank and they have accepted just like that. I am informing you
immediately to share my joy."
It is fact that there are various varients in Rs.500/- currency and one is unable to judge whether the notes are genuine or not. My doubt is that how one SWO refuses the note and other SWO accepts without hesitation.
Doctors, Lawers opinion differs on cases. Similarly Bankers openion also differs in genuine and other notes.
The reason the notes are not genuine.
This was the situation informed to me by one of our co flat tenant. She had withdrawn in two or three occassions a sum of Rs50000 from a bank ATM nearer to our flat. She is banking with some other bank.The money was intended for a function. After expending the amount she was left with Rs.20,000/- which she sent through one of relatives to remit to her account.
The SWO at the counter informed the remitter that the Rs.500/- . notes are not genuine. However she was kind enough to return the notes to the remitter with advise to come on the next day along with the account holder who had given the notes.
Panic stricken the elderly lade arrived at my flat and informed the incident and sought my advise as how to resolve the issue avoiding the loss.
On verification of various rules and regulations, it is concluded that onus lies only with the customer who had withdrawn the note from the ATM and not with the bank who had dispensed the note through their ATM . Further it will be very difficult to prove that the notes were withdrawn from their ATM as it has been done in 3 or more occasions and it will be difficult to pin point in which withdrawal these disputed currency was dispensed.
We also verified the notes with the various parameters specified in the internet and could not come to any conclusions whether they are genuine or not. Especially the year of printing was not available at the bottom in few notes. However one thing is that all these notes had gone on circulation for various times and had lost the crispness.
Everybody was in a fix to come to conclusions One of the inmates informed that they had similar problem and some how or other they exchanged the note in a mall. But that time the disputed currencies were only 5. Here there are 40 pieces. The meeting ended without any conclusions and the old lady left sadly as to how to dispose the notes and avoid loss for which she is not at all responsible.
Two days later in the afternoon I received a phone call from the lady who informed
"Sir Just now I had remitted these notes in a bank and they have accepted just like that. I am informing you
immediately to share my joy."
It is fact that there are various varients in Rs.500/- currency and one is unable to judge whether the notes are genuine or not. My doubt is that how one SWO refuses the note and other SWO accepts without hesitation.
Doctors, Lawers opinion differs on cases. Similarly Bankers openion also differs in genuine and other notes.
