• Banks have to accept scribbled or faded notes: RBI

    April 29, 2017

    The RBI has stated that it has not issued any such instruction, in response to rumours that from 2017 onwards banks would not accept notes with anything written on them.
    The RBI said banks cannot refuse to accept faded or scribbled notes. The circular was sent by the RBI to banks after receiving complaints that many branches were not accepting banknotes, specifically of 500 and 2,000 denominations, with anything written on them or those with smudged or faded colour. Bank branches have been rejecting such notes following rumours in social media that such notes were not acceptable.
    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 central bank clarified that its directives on scribbling on notes was for staffers. This was after the RBI had observed that bank officials themselves were in the habit of scribbling on banknotes, which went against the central bank's clean note policy. The RBI has sought cooperation from all members of public, institutions and others in keeping banknotes clean by not scribbling on them.

Latest News