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Banks Cannot Refuse To Accept Scribbled Bank Notes: RBI [Read Notification]

Vanita Bhatnagar
29 April 2017 12:14 PM GMT
Banks Cannot Refuse To Accept Scribbled Bank Notes: RBI [Read Notification]
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Reserve Bank of India (RBI) has clarified by its notification dated 25th April 2017 that the bank branches cannot refuse to accept scribbled/coloured/faded bank notes.

Lately, RBI has received complaints from the general public that bank branches are refusing to take scribbled bank notes or whose colour has faded, particularly the ones in the denomination of INR 500 and INR 2000.

Earlier RBI has issued a notification dated December 31, 2013, to appeal to public and bank officials to not to write anything on bank notes as it violates the Reserve's Bank Clean Note Policy and subsequently there were complaints from general public that bank branches are not taking such notes.

Thereby, through this notification, RBI has elucidated that bank branches are liable to accept bank notes even though it is scribbled/ coloured/ faded. Such notes are to be treated as soiled notes. In case, bank branches fail to accept such notes then it may invite punitive action.

Read the Notification here.

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