New notes are legal tender, no goof-up in note printing: RBI

New notes are legal tender, no goof-up in note printing: RBI
Reserve Bank of India (RBI) said the new notes bearing signature of former Governor D Subbarao are legal tender and the process of changing signature is underway, reported PTI.

Earlier, there were reports that there was some goof-up in printing of notes. It had said that new Rs 1,000 and Rs 500 notes bearing signature of Subbarao, who has demited office in September 2013, are being rolled out from the printing presses of RBI.

Changing Governor's signature on the banknotes is a tedious process, RBI said. "To complete the process in all the banknote presses for all denominations of banknotes is a programme which is under way and is expected to be completed in due course," it explained.

"Currency note production is a manufacturing process. Making changes in the process is a tedious process and takes time, in order to keep the disturbance in production to the minimum extent," it said.

Dion Global Solutions Ltd.

Story first published: Wednesday, March 5, 2014, 9:10 [IST]
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