Country’s regulatory bank Reserve Bank of India (RBI) has denied having issued any circular for strict implementation of so-called ‘clean note policy’. The ‘policy’ that could have proved detrimental to common public was reportedly to be implemented from June 30, 2015.The ‘policy’, as propagated by some top commercial banks, was to be implemented by the RBI to prevent dirty bank notes from circulation. It says that in order to achieve writing free and unstained currencies in the lines of the US Dollar any note having any kind of pen mark in the form of signature, name, numbers, caricature etc would not be accepted by commercial banks at all.
“We have not issued any circular of that kind. It is not logical to penalise common people as in most cases writing on notes may be the acts of someone else than of the bearers. It is also not proper on the part of the banks to utilise RBI’s name to mislead the common people,” said Patrik Barla, General Manager of the RBI’s regional office in Ranchi.The Pioneer came to know that such notices are being displayed by some commercial banks for the knowledge of their customers that suggest that such bank notes with anything found written on their body are akin to a plain piece of paper with no worth. The notice quoting RBI’s ‘clean note policy’ behind the order puts cutoff date of June 30 and thereafter the policy is to be implemented strictly.
“We will take action against such bank branches for misleading the people. Notwithstanding, the RBI believes in clean notes and is working hard to implement it in letter and spirit. But for that the banks have been instructed to refrain from writing numbers and putting signification marks on currencies. It is for them to set the example first to be followed by the public with the time. We cannot stop accepting any valid note as it is a legal tender between the bearer and the RBI,” added Barla. He, however, mentioned the acts of commercial banks might be aimed to generate greater awareness among those who have habits to write un-authoritatively on notes.At the same time, the General Manager reiterated that the governing bank’s order to pull the notes having date beyond 2005 out of circulation stands and going to be strictly followed after June 30.“Circulation of pre-2005 notes is going to be stopped. It has been told to all the banks that anyone carrying such notes to a branch can deposit those in their bank account which would be subsequently eliminated. If any person does not have bank account and comes in with pre-2005 currencies more than 10 in numbers then he has to show his identity card from July 1 for an exchange,” said Barla.