ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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CIA
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Secret Service
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Local police dept
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Treasury
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Detailed explanation-1: -To aid the process, all financial institutions and businesses can elect to report suspected counterfeit notes to the CCPF through www.usdollars.usss.gov (Off-site). The website allows users to submit multiple counterfeits in a single submission, track the status of their submissions and access their submission history.
Detailed explanation-2: -If a Reserve Bank detects counterfeit or unlawfully altered currency or coin in DI deposits, the Reserve Bank forwards that currency or coin to the Secret Service, and the DI’s Reserve account is charged for the difference.
Detailed explanation-3: -When a banknote tendered at the counter of a bank branch / back office and currency chest is found to be counterfeit, an acknowledgement receipt in the prescribed format (Annex II) must be issued to the tenderer, after stamping the note as in Paragraph 3 ibid.