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Friday , 24 November 2017
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RBI notification says banks can’t reject jotted notes

As per the RBI’s notification, banks cannot reject to receive worn and jotted notes. Reserve Bank of India said that worn and jotted banknotes had to be preserved as stained notes and to be accounted as per the central bank’s clean note policy.

RBI received complaints that most of the bank branches are not accepting the jotted banknotes and after getting these complaints RBI sent circular to banks to accept the jotted banknotes. As per the complaint especially banks were declining to accept banknotes of Rs. 500 and Rs. 2,000, if on the banknotes something is written or note is faded or it is jotted.

A rumor took attention of RBI, which was calming that from 2017, banknotes on which if something is written, in banks these will not get accepted. RBI declined the rumor and said the rumor is completely false and Centre bank has not issued such policy or instruction.

RBI clarified the notification direction, it was said that the bank staff is having a habit of scribing over banknotes and this notification was meant for them to not practice scribing on the banknotes. Those bank staffs, were doing it, were going against bank’s clean note policy which was asked to stop.

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