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Tuesday, May 14, 2013

RBI told banks to stop writing on currency notes

Reserve Bank of India has issued a note on clean note policy and urge the banks not to write anything on currency notes. This is an another step to increase the life of the notes as initially RBI told banks not to accept staple bundle of notes. The life is very low of the notes and RBI wants to increase it. In this move, RBI is also starting issuing plastic notes in India. Full note to banks is as under.


Clean Note Policy
In recent periods, instances of certain branches of banks continues to follow old practices like stapling, writing number of note pieces in loose packets on watermark window of notes disfiguring the watermark impression and rendering it difficult for easy recognition have come to our notice. Further, it has also been observed that certain bank branches do not sort notes into re-issuables and non-issuables, and issue soiled notes to public. Such practices are against the “Clean Note Policy” of Reserve Bank of India.
2. In this connection we invite a reference to Reserve Bank of India’s Directive DBOD No. Dir. BC. 43/13.03.00/2001-02 dated November 7, 2001 and reiterate that:
a) banks should do away with stapling of any note packet and instead secure note packets with paper bands,

 b) banks should sort notes into re-issuables and non-issuables, and issue only clean notes to public; and,

 c) banks should forthwith stop writing of any kind on watermark window of bank notes.

 Tags-plastic notes in india,plastic notes

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