RBI Tells Banks Not To Reject Spoiled Or Scribbled Notes
RBI asked banks to not turn away customers with soiled notes RBI received complaints that many banks were not accepting faded notes The central bank said banks must not recirculate spoiled notes
The Reserve Bank of India (RBI) issued a circular to banks asking them to accept faded notes or those with ink marks or scribbles. In a Circular to banks, RBI said such banknotes have to be treated as "soiled notes" and dealt with according to the RBI's "clean note policy," which asks banks to not turn away customers with soiled notes and also refrain from recycling the soiled notes received by them over their counters.
The statement was issued after the central bank received complaints that many branches were not accepting banknotes, with anything written on them or those either smudged with colour or faded due to washing.
The central bank clarified that its instructions on scribbling on notes was a directive for staffers to not to write on banknotes. Bank branches have been rejecting such notes following rumours in social media that such notes were not acceptable.
In December 2013, RBI had issued a statement as part of its Clean Note Policy asking banks to exchange soiled notes of even non-customers and issue only good quality clean notes to the public.
The central bank has high speed Currency Verification and Processing Systems machines at all its offices which deal with currency. These machines are capable of processing 50,000-60,000 pieces per hour and soiled notes are shredded and briquetted on-line.
