Tipping point

Source : BUSINESS_STANDARD
By : Business Standard
Last Updated: Mon, Jan 06, 2014 04:25 hrs
INDIAN POLICE GUARD RESERVE BANK OF INDIA BUILDING IN BOMBAY.

Have merchants stopped taking soiled notes?
Many restaurants and kirana stores have stopped accepting such notes after rumours about banks not accepting soiled or scribbled notes from January 1, 2014. The rumours were a result of a couple of Reserve Bank of India (RBI) circulars last year, which said banks should sort notes into re-issuables and non-issuables, issue only clean notes and stop writing on watermark window.

What should one do if he owns soiled notes?


Recently, RBI clarified that customers need not fear refusal of such notes from banks. Individuals can submit and exchange soiled or scribbled notes at bank branches. In case a bank staffer refuses to accept such notes, contact the controlling officer or the regional RBI office.


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