Banks cannot refuse spoiled or scribbled notes: RBI


Mumbai: The Reserve Bank of India (RBI) has said banks cannot refuse anymore to accept faded banknotes or those with scribbles. The central bank said such banknotes had to be treated as “soiled notes” and dealt with according to the RBI’s “clean note policy”.
The circular to banks was sent by the RBI after it received multiple complaints that many branches were not accepting banknotes, specifically of 500 and 2,000 denominations, with anything written on them or those either smudged with colour or faded due to washing. Bank branches have been rejecting such notes following rumors on social media that such notes were not acceptable.
The central bank clarified that its instructions on scribbling on notes was a directive for staffers not to write on banknotes. This was after the RBI had observed that bank officials themselves were in the habit of writing on banknotes, which went against the central bank’s clean note policy.

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