Banks cannot Refuse to accept scribbled /coloured /faded bank notes

RESERVE BANK OF INDIA

ND.ID.(Res.). No. 4530/04.00.001/2016-17

Dated: April 25, 2017

The Controlling Head

All Banks under the jurisdiction

of New Delhi Issue Circle

Madam / Dear Sir,

Scribbling  on Banknotes:

Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Rs. 500 and Rs. 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason.

2. It has been reported that the bank branches are refusing to accept the scribbled/coloured/faded banknotes in wake of rumours circulating in the social media that such banknotes will not be accepted in the banking channel. The Reserve Bank, vide Press Release No. 2013-2014/1311 dated December 31, 2013 (copy enclosed), urged members of public and bank officials not to write anything on banknotes as it went against the Reserve Bank’s Clean Note Policy. However, it is also clarified that scribbled/coloured/faded banknotes are to be accepted from members of general public by all banks and the same may be treated as soiled

3. All the Controlling Heads are advised to instruct their bank’s branches to follow the above instructions scrupulously and not refuse to accept such banknotes from the customers. Failure to comply with the instructions would be Viewed seriously and may invite punitive action

Yours faithfully,

(G C. Talukdar) General Manager

Encl.: As above

RESERVE BANK OF INDIA

Website www.rbi.org.in


Popular posts from this blog

Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962

CBDT issues third round of Certificates of appreciation to tax payers

How to apply for service tax registration in india