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Does writing something on a financial institution notice make it invalid? The Authorities, by way of Press Bureau of India (PIB) Truth Verify unit, on Sunday clarified that financial institution notes with scribbling usually are not invalid and proceed to be authorized tender. Nevertheless, it added that writing on foreign money notes just isn’t really useful because it “defaces them and reduces their life”.
The clarification got here in response to a viral message which acknowledged that the Reserve Financial institution of India (RBI) has launched new tips, beneath which writing something on new notes make it invalid and it’ll no extra be a authorized tender.
“NO, Financial institution notes with scribbling usually are not invalid and proceed to be authorized tender,” PIB Truth Verify stated in a tweet. “Underneath the Clear Word Coverage, persons are requested to not write on the foreign money notes because it defaces them and reduces their life,” it added.
What’s RBI’s Clear Word Coverage
Introduced by the central financial institution in 1999, the target of the RBI Clear Word Coverage is to provide the residents good high quality foreign money notes and cash whereas the dirty notes are withdrawn out of circulation. The RBI has additionally instructed the banks to challenge solely good high quality clear notes to the general public and chorus from recycling the dirty notes obtained by them over their counters.
RBI has put in high-speed Forex Verification and Processing Methods (CVPS) machines in any respect its workplaces which take care of foreign money. These machines are able to processing 50,000-60,000 items per hour and dirty notes are shredded and briquetted on-line.
Ever since 1999, when the Governor introduced the Clear Word Coverage, a number of steps had been taken for augmenting the availability of foreign money notes and cash. The members of public had been urged to not write on the foreign money notes and banks had been instructed to supply unrestricted facility for change of dirty and mutilated notes.
As per the RBI’s directions, foreign money chest branches of the banks should provide, even to non-customers, good high quality notes and cash in change for dirty and mutilated notes.
Additionally Learn: ICICI Financial institution-Videocon mortgage fraud: Bombay Excessive Court docket grants bail to Chanda, Deepak Kochhar
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