While we appreciate the efforts made by the banks in implementing the clean note policy by doing away with stapling of soiled notes remitted to the rbi offices, it is observed that some banks have been securing the note packets with adhesive stickersgummed labels which get stuck on the top andor bottom pieces of the note packets. Bank has laid down the clean note policy for financial year 201920. Rbi is the regulator of the entire banking in india. As part of it, a new metallic rupee was issued rbis clean note policy on 1st april 1975 to.
This was after the rbi had observed that bank officials themselves were in the habit of writing on banknotes, which went against the. Rbi assistant study material pdf download free updated. Bangko sentral ng pilipinas bsp notes and coins and gold. Answer this multiple choice objective question and get explanation and result. In pursuance of the clean note policy of the rbi, banks operate currency chests, where cash collected from branches and authorised doorstep cash handling agencies is sorted. It also ordered to stop stapling fresh, reissuable or nonissuable note packets. The objective of the reserve banks clean note policy is to give the citizens good quality.
It is announced twice a year, through which rbi,regulate the price stability for the economy. This master circular consolidates the instructions issued by the reserve bank of india to banks on statutory and other restrictions on loans and advances. Earlier rbi has issued a notification dated december 31, 20, to appeal to public and bank officials to not to write anything on bank notes as it violates the reserves bank clean note policy and. Important questions on currency and bank notes in india, ibps po, clerk, rbi. However, the numbers on the notes should be intact and not have passed through the. Clean note policy blogs, comments and archive news on.
The central office is where the governor sits and where policies are formulated. Banks cannot refuse to accept scribbled coloured faded. All about currency and coins in india rbi bank notes. Mutilated defective notes bearing pay paid or reject stamp of any rbi. Policy and procedure on cheque collection and immediate credit of outstation cheques 1 local cheques all cheques and other negotiable instruments payable locally would be presented through the clearing system prevailing at the centres. We accept and deliver currency notes in dispatched and unstitched. The rbi grade b 2020 registration and application process is held on the official website of rbi in. The objective of the reserve banks clean note policy is to give the citizens good quality currency notes and coins while the soiled notes are withdrawn out of circulation. Clean note policy by rbi jaiib caiib video study material. According to clean note policy, no stapling, writing and excessive folding are to be done on the currency notes timely removal of soiled currency notes has to.
Boiler and pressure vessel code, section iv for a maximum allowable working pressure of 160 psi, 1103 kpa water warning. It is unfortunate that rbi has not yet issued note refund policy in respect of new currency. The reserve bank is the sole note issuing authority in india. Rbi2017183 july 03, 2017 the managing director the.
According to clean note policy, no stapling, writing and excessive folding are to be done on the currency notes timely removal of soiled currency notes has to be done at the branches the system of using currency verification system, processi. Under this policy banks have been directed the following. The reserve bank of india rbi is indias central bank, which controls the issue and supply of the indian rupee. As such the clean note policy is formulated and updated in line with reserve bank of india. In this connection we invite a reference to reserve bank of indias directive dbod no.
Clean note policy is a policy being run by the rbi with an objective to give the citizens good quality currency notes and coins, while the soiled notes are withdrawn out of circulation. Such practices are against the clean note policy of reserve bank of india. Stop stapling of note packets and instead secure note packets with paper bands. The reserve bank of india rbi on 14 may 20 directed banks to follow the clean note policy strictly and issue clean currency notes to public. The reserve bank of india rbi earlier this year released a circular giving guidelines of what to do with a soiled note. The clean note policy urged the public to not write on the banknotes and instructed banks exchange soiled and mutilated notes without any restriction. In order to increase the life of currency notes, reserve bank of india rbi issued clean note policy in 2001.
Lots of people in our country have a bad habit of writing something on the currency note, folding currency note, also somebody staple it which spoils the note and reduces notes durability. The objective of the reserve banks clean note policy is to give the citizens good. So to avoid such occurrences rbi introduced the clean note policy in 2001 in an order to increase the life of currency notes. The rbi introduced clean note policy in 1999 asking banks do not pass on the soiled, torn or scribbled notes to the customers and deposit the same with the rbi. Rbi assistant 2018 free reasoning, banking awareness,financial awareness and aptitude,quant. Master circular facility for exchange of notes and coins. Policy and procedure on cheque collection and immediate. Along with the government of india, the rbi is responsible for the design, production and overall management of the nations currency. Clean note policy latest breaking news, pictures, videos, and special reports from the economic times. Banks to refrain from recycling the soiled notes received by them over their counters. Banks cannot turn away customers who come with soiled notes to deposit at their branches under rbis clean notes policy. According to rbi, the clear objective of providing good clean quality notes to the public by the banks is provided under the section 35a of banking.
Soiled bank notes and mutilated banknotes are exchanged for full value. The chairman and managing director the chief executive officer all banks including cooperative banks and rrbs madam dear sir. Your cooperation is solicited to comply with rbis directives on clean. In case of complaint, if any, please contact the branch manager.
A statutory guideline issued by the reserve bank in exercise of the powers conferred by the banking regulation act, 1949. In pursuance of the clean note policy of the rbi, banks. All you need to know introduction lots of people in our country have a bad habit of writing anything on the currency note, folding currency note, also somebody staple it which spoils the note and reduces notes durability. Lots of people in our country have a bad habit of writing anything on the currency note, folding currency note, also somebody staple it which spoils the note and reduces notes durability.
Since the clean note policy was issued in 1999, the rbi has taken several steps to keep an eye out for the of currency notes in the market. Rbi clean note policy blogs, comments and archive news on. Rbi instructed the banks to issue only good quality clean notes to the public. Reserve bank of india note refund rules, 2009 delegation of powers a in terms of section 28 read with section 58 2 of reserve bank of india act, 1934, no person is entitled as a right to recover from the government of india or rbi the value of any lost, stolen, mutilated or imperfect currency note of the goi or banknote. However, it is also clarified that scribbledcolouredfaded banknotes are to be accepted from members of general. The reserve bank of india was established on april 1, 1935 in accordance with the provisions of the reserve bank of india act, 1934 the central office of the reserve bank was initially established in calcutta but was permanently moved to mumbai in 1937. Monetary policy meaning the part of the economic policy which regulates the level of money in the economy in order to achieve certain objectives. Rbis clean note policy your cooperation is solicited to comply with rbis directives on clean note policy we accept and deliver currency notes in dispatched and unstitched condition only please do not write or scribble on the currency notes do not use banknotes for making garlandstoys, decorating pandals. Modified incentive scheme for banks according to the incentive scheme, rbi will reimburse 50% of the capital expenditure for opening and maintaining currency chests at. Disha publication mega yearbook 2016 pdf free download.
Rbi has the sole right to issue bank notes in india as per section 22 of rbi act 1934. Banks cant refuse scribbled notes, says rbi circular. As per clean note policy, rbi has stated that writing on the watermark window of bank notes is punishable under section 35a of the banking regulation act 1949. The note packets should not be stapled, while the banding of packets should be done with paperpolythene bands so that the life of the currency notes is increased. Reserve bank of indias clean note policy home facebook. For registration, candidates need to fill the rbi grade b application form by. Is writing on currency notes a punishable offence in india.
Rbi treats slightly cut, notes in two pieces as soiled notes. Abhijit guha quantitative aptitude book pdf free download. Preamble to regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in india and generally to operate the currency and credit system of the country to its advantage. Rbis clean note policy your cooperation is solicited to comply with rbis directives on clean note policy we accept and deliver currency notes in destapled and unstitched condition only please do not write or scribble on the currency notes do not use banknotes for making garlandstoys, decorating pandals and places of. This note attempts to analyse how far these measures have been effective in improving the then prevailing situation and. Rbi plays an important part in the development strategy of the government of india rbi regulates commercial banks and nonbanking finance companies working in india. The banks clean note policy clearly defines the procedure for facility for exchange of notes and coins and detection and impounding of counterfeit notes.
Rbi clean note policy latest breaking news, pictures, videos, and special reports from the economic times. Reserve bank of india directed banks to follow clean note. Reserve bank of india took a number of initiatives to increase the supply of clean notes on the one hand and suck out the soiled and mutilated notes from the circulation on the other, known as clean note policy. Special economic zones sezs ac team 1august 31, 2016. Reserve bank of india note refund rules, 2009 as amended by reserve bank of india note refund amendment rules, 2018 436 kb.