AML-KYC Tutorial|Counterfeit Currency Reporting

 

Counterfeit Currency Reporting (CCR)

The PMLA Rule 3(1) (C) read with rule 8 requires the reporting of all cash transactions where forged or counterfeit Indian currency notes have been used as genuine.

The RBI vide circular dated May 22, 2008, provided the format in which the CCR needs to be reported to the FIU-IND. The said report is required to be filed not later than seven working days from the date of occurrence of such transactions.

• Banks may enter data centrally on counterfeit currency into a separate utility provided by FIU-IND for the same. This utility is available on the FIU-IND website. After following steps instructed by FIU-IND therein, this utility automatically generates a set of 3 files for onward reporting to FIU-IND.
• For enabling CCR reporting banks would need to put in place a mechanism such that information on counterfeit currency flows to a central location for onward submission to FIU-IND through the principal officer.
• It is necessary that each entry in the counterfeit currency report carries that details of the account in which such currency is deposited.

Go back to Tutorial                                                                                Go to Home Page