Banking Notes For Rbi Assistant Exam
DIFFERENT KINDS OF NOTES:
#GenuineNotes: Such notes must have a water mark of Ashoka Pillar, security thread and serial number along with alphabet. They have distinctive colours.
#Spuriouscoins: When tendered over the counter, should be cut and handed over to the tenderer. If the tenderer disputes it, the coins should be sent to the Mint at his cost, for examination.
#Soilednotes: The currency note which has become dirty due to its use or may be in 2 pieces. No portion of such note should be missing. These notes are accepted for exchange without any restrictions by the banks.
#Mutilatednotes: Such currency notes that are composed of various pieces or they are cut notes of which some portion is missing. These notes are exchanged only by the currency chest branches of banks.
#Mutilatednotes: Such currency notes that are composed of various pieces or they are cut notes of which some portion is missing. These notes are exchanged only by the currency chest branches of banks.
#Single/double numbered notes: Notes of denomination up to Rs.5 are single
numbered while the notes of denomination above Rs.5 are double numbered
notes.
numbered while the notes of denomination above Rs.5 are double numbered
notes.
#ImperfectNotes: The currency notes which are washed, bleached, oiled or are altered or have become undecipherable,are known as imperfect notes. They are different from mutilated notes
RBI’S CLEAN NOTE POLICY:
RBI had announced ‘Clean Note Policy’ in January 1999. For withdrawing
soiled notes from circulation and pumping fresh notes into circulation, the RBI
introduced various changes in the system and procedures related to currency
management which include mechanization of the currency verification and
processing as also shredding and briquetting for destruction of soiled and
mutilated notes. RBI issued a public interest directive (u/s 35A B R Act) to all
banks instructing them :
1.Not to staple bank notes,
2.To Tender soiled notes to the Reserve Bank in unstapled condition,
3.To use bands instead of staple pins,
4.To issue only clean notes to members of public,
5.To open select currency chest branches on Sundays to provide exchange
facility to members of public all over the county,
6.To provide unrestricted facility for exchange of soiled and mutilated notes to
members of public.
7.banks should sort notes into re-issuables and non-issuables, and issue only
clean notes to public. Soiled notes in unstapled condition may be tendered at RBI in inward remittances through Currency Chests; and,
8.banks should stop writing of any kind on watermark window of bank notes.
soiled notes from circulation and pumping fresh notes into circulation, the RBI
introduced various changes in the system and procedures related to currency
management which include mechanization of the currency verification and
processing as also shredding and briquetting for destruction of soiled and
mutilated notes. RBI issued a public interest directive (u/s 35A B R Act) to all
banks instructing them :
1.Not to staple bank notes,
2.To Tender soiled notes to the Reserve Bank in unstapled condition,
3.To use bands instead of staple pins,
4.To issue only clean notes to members of public,
5.To open select currency chest branches on Sundays to provide exchange
facility to members of public all over the county,
6.To provide unrestricted facility for exchange of soiled and mutilated notes to
members of public.
7.banks should sort notes into re-issuables and non-issuables, and issue only
clean notes to public. Soiled notes in unstapled condition may be tendered at RBI in inward remittances through Currency Chests; and,
8.banks should stop writing of any kind on watermark window of bank notes.
#Coinsof 25 Paise and Below - Withdrawal:
Govt, of India has decided to withdraw coins of denomination of 25 paise and below from circulation w.e.f. June 30, 2011. Coins of denomination of 25 paise and below are not accepted for exchange at the bank branches from July 1, 2011 onwards.
Govt, of India has decided to withdraw coins of denomination of 25 paise and below from circulation w.e.f. June 30, 2011. Coins of denomination of 25 paise and below are not accepted for exchange at the bank branches from July 1, 2011 onwards.
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