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Banks to continue accepting scribbled notes, says RBI

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Banks to continue accepting scribbled notes, says RBI
MUMBAI: Banks will continue to accept currency notes with scribbling, the Reserve Bank said, dismissing rumours that it has stopped banks from accepting such notes from tomorrow.

 

"In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the RBI has urged members of public not to fall prey to such rumours and to use their banknotes without any fear," RBI said in a notification.

RBI said it has not issued any such instructions. However, it reiterated that writing or scribbling on banknotes works against its 'clean note policy' and sought co-operation from public, institutions and others in keeping the banknotes clean by not writing anything on them.

Referring to its August instructions on 'clean note policy', the RBI said banks were advised to instruct their staff not to scribble or write on the body of the banknotes.

The instruction was issued as it wwas observed that the bank officials themselves were in the habit of writing on banknotes which went against the 'clean note policy'.

RBI in August had said it has been noticed that at certain branches of banks, the practice of writing/scribbling on the body of the banknotes continues to remain in vogue.

Under the present system of mechanised processing of banknotes, RBI said, inscription or scribbling on any part of the banknote would render it to be classified as unfit for rereissue.

Accordingly, such banknotes get treated as soiled banknotes and cannot be recirculated.

PTI

Story first published: Wednesday, January 1, 2014, 9:18 [IST]
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