Banks can’t reject new notes with colour and writing on it: RBI

The Reserve Bank of India has aimed banks to simply accept Rs 500 and Rs 2,000 notes with coloring and writing in it. In a round on Fri, the apex bank said that those notes should be maintained in the group of soiled notes and the banks shouldn’t refuse them.

The apex banks issued the round after it received grievances that branches were refusing bank notes with anything written onto it and or with fudged shades or any exterior color on the records. They weren’t even taking faded notes. The banks swung into action after it discovered that the branches were taking the unilateral decision concerning not receiving the notes after getting affected by rumours on sociable media. The bank branches were specifically refusing the Rs 500 and Rs 2,000 notes.

The RBI clarified it had not released a directive concerning not agreeing to scribbled notes. It said it possessed issued an identical clarification in 2013 after rumours.

source: India.com

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