Banks have to accept scribbled currency notes: RBI


Gujarat Global News Network, New Delhi

The Reserve Bank of India (RBI) has made it clear that no bank can refuse to accept scribbled Rs. 500 and Rs. 2,000 currency notes. Though these notes cannot be exchanged over the counter but a person can deposit them in his bank account.

RBI said that banks have to accept even those notes on which some color has been dropped. It said that refund policy for new notes has not yet finalized so these cannot be exchanged but can be deposited.

It also clarified that Rs.10 coins are fully valid and no one can refuse to accept them. Recently there have been reports of sellers not accepting coins claiming that they were invalid.

RBI said that new currency notes had special safety features. There were 17 features in new Rs. 200, 500 and 2,000 notes and 14 features in Rs. 50 notes.

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