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  1. #1
    Brahmanyan's Avatar
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    RBI Rule from 1st JANUARY 2014 ?

    I got the following forwarded mail yesterday:

    http://www.mcxcontrol.com/2013/09/09/rbi-rule-1st-january-2014-bank-accept-written-currency-note/

    RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE
    HEMANT
    September 9, 2013
    RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE.
    CAN NOT ALSO DEPOSIT THAT NOTE IN BANK.

    I am not sure whether this is true. Even if such a rule is there it will be difficult to enforce it with out
    giving proper guide lines to the public as to what should we do with such currency notes already with us,
    If it is not a legal tender in the Bank,I am afraid such a circular will create panicky reaction from
    the Public rushing to Banks to deposit all the Currency Notes on hand. I checked up the RBI net,
    I couldn't find any specific circular to that effect issued in recent times, except the one prohibiting
    writing political messages on the Rupee currency.

    RBI/2013-14/91 DCM (NE) No. G - 4/08.07.18/2013-14 /July 01, 2013
    7. Notes bearing slogans / political messages, etc.
    Any note with slogans and message of a political nature written across
    it ceases to be a legal tender and the claim on such a note will be
    rejected under Rule 6(3) (iii) of Reserve Bank of India (Note Refund)
    Rules, 2009. Similarly, notes which are disfigured may also be
    rejected under Rule 6(3) (ii) of Reserve Bank of India (Note Refund)
    Rules, 2009

    I give below the URL of RBI Master Circular issued dated 1st July 2013

    Reserve Bank of India

    From the Circular, it seems RBI updates its instructions on various subjects relating to its operations by
    issuing Master Circulars, which is helpful.

    I request our members to clarify further if they know more on the subject.

    Brahmanyan,
    Bangalore.
    Last edited by Brahmanyan; 30-09-2013 at 07:45 PM.
  2. #2
    V.Balasubramani's Avatar
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    Sir,


    Pranams,

    Hope the following aritcle of Time of India will throw more light on the subject.

    Writing on currency note is illegal, awareness needed
    Rajeev Dikshit, TNN Feb 17, 2009, 09.17pm IST

    VARANASI: Though the clean note policy of Reserve Bank of India and Banking Regulation Act clearly restrict any writing or inscription on the watermark window of currency notes, people still write or print on notes due to unawareness.


    A new trend of printing the name of bridegroom and bride on the watermark window of currency notes has begun in Varanasi. TOI got a currency note in the denomination of Rs 10 in the local market on which `Ajay sung Neetu' was printed in red colour on the watermark window. This currency was sufficient to reveal that the printing was done to distribute the currency notes during the marriage ceremony of Ajay and Neetu. However, it was not clear from where this couple or their family belonged.

    But, the most interesting aspect in this episode was the replies from bankers and police. When the officials of the State Bank of India, Kutchehri branch were contacted to know whether the act of printing on currency notes was right or wrong, they surely admitted that it was illegal. However, they suggested to contact the police to know what action could be initiated in such matter. The police did not hesitate to admit that except registering the cases of fake currency printing and running in market, they had not dealt such cases. Some lawyers like senior advocate Shrinath Tripathi were aware about the provision prescribed under Indian Penal Code
    Tripathi said that under section 489E of IPC this act was punishable.On the other hand, when the RBIs guidelines and
    Banking Regulation Act were checked it was found that writing on the watermark window of bank notes is punishable under Section 35A of the Banking Regulation Act 1949. In order to give the citizens good quality currency notes, the RBI had already prepared a Clean Note Policy and in November 2001 issued instructions to all the banks not only to do away the stapling of note packets but also urged members of public not to write on the currency notes.


    The RBI surely issued a clear guideline in this regard several years ago but still there are no takers of it. The bankers who were surprised to see the name of bride and groom printed on a currency note did not forget to reveal that they had seen currencies with political slogans and symbols of parties in past. But, they had nothing to say when asked what action was initiated in such matter. The printing of names of bride and groom on currency notes to distribute in marriage ceremony is considered as an alarming trend by the same bankers as it could be followed by others due to unawareness of the prescribed norms.

    While some people are beginning a new trend of utilizing the watermark window to remain memorable for long, the common people are still forced to write their contact details on the same window of higher denomination notes (Rs 500 or Rs 1000) by the telecom and other service providers at the time of bill clearance. This custom is followed to trace the origin of the note if it turns out fake.



    http://articles.timesofindia.indiatimes.com/2009-02-17/varanasi/28031591_1_currency-notes-clean-note-policy-watermark-window


    I wish to submit that invaraibly everytime when I visit the Bank, the Casher used to count the currency and do write the numbers on the window portion of the currency note. This is being practiced by the staff of the Banks. Are they not aware of these rules? Or they simply throw these rules to the wind?

    The way of handling of currency notes by the general public is quite interesting. These currency notes take different avatar and at times as love letters too. Whenever somebody wants to write something, like telephone No. or address, if they fail to find a piece of paper, the currency becomes scrbbling pad.

    The awareness of proper handling of currency notes is need of the hour.


    With regards


    Source: The Times of India
    Last edited by V.Balasubramani; 29-09-2013 at 04:53 PM.
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  4. #3
    vgane is offline Veteran
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    Look at this..How can the Government body ask someone to give 9 digit connection numbers in the currency notes...Is it not blatant violation

    Quote
    For the past few days, residents who visited the bill collection centre of Tamil Nadu Generation and Distribution Corporation (Tangedco) at Mogappair were asked to write their service connection numbers on Rs. 500 and Rs. 1000 notes.
    Unquote

    Bank officials frown at writing on the notes - The Hindu
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  6. #4
    sarang is online now Veteran
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    1. Even banks issue soiled and defaced (with writing in the white window) currency notes.
    2. The bank staff themselves write codes in the window.
    3. ATMs dispense such notes.
    4. When a large number of counterfeit 500 and thousand rupee notes were in circulation, it was a standard practice to write something to identify the note giver; followed by traders and even banks. I have received fake 500 rupee even from the ATM; in the early days of ATM, only new notes were dispensed but now discontinued. Some notes have miscellaneous scripts.

    It will be difficult to stop this.
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  8. #5
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    RBI Rule from 1st JANUARY 2014 ?

    Dear Sri Balasubramani,

    It has become a practice in our Government agencies to introduce a new rule each day according to the whims of individuals.
    But any legal enactment that cannot be enforced fully fails to evoke respect or efficacy to improve the system for which it was enacted.
    Regards,

    Brahmanyan,
    Bangalore.
    Last edited by Brahmanyan; 30-09-2013 at 07:04 PM.
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  10. #6
    Raji Ram's Avatar
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    Exclamation


    How about this?



    Source: RBI: Stop Making Garlands With Money
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  12. #7
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    tbs
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    Quote Originally Posted by Brahmanyan View Post
    Dear Sri Balasubramani,

    It has become a practice in our Government agencies to introduce a new rule each day according to the whims of individuals.
    But any legal enactment that cannot be enforced fully fails to evoke respect or efficacy to improve the system for which it was enacted.
    Regards,

    Brahmanyan,
    Bangalore.
    hi sir,

    WE ARE BEST LAW MAKERS IN THE WORLD............WE ARE THE LEAST IMPLIMENTERS TOO....NO SYSTEN REALLY WORKS

    IN INDIA....NO LAW WILL NEVER WORKS....ALL LAWS ARE HAVING LOOPHOLES....SO THE LOOPHOLES WORKS,,NOT THE LAW..
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
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  14. #8
    P.J.'s Avatar
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    Brahmanyam Sir

    Like Tbs sir said, there will be lot of confusion, fighting, etc because when one gets back a change from any counter , either from Post Office, Railway Reservation Counter, or even from Bus conductor, it is not possible to check each and every note before accepting the same; same is the case with Cash counter personnel to check every note before accepting them

    It might be enforced in Banks, there too lot of quarrelling are bound to happen.

    I doubt whether this can be enforced even at Petrol Bunks!
    Last edited by P.J.; 01-10-2013 at 03:50 AM.
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  16. #9
    V.Balasubramani's Avatar
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    Quote Originally Posted by Brahmanyan View Post
    Dear Sri Balasubramani,

    It has become a practice in our Government agencies to introduce a new rule each day according to the whims of individuals.
    But any legal enactment that cannot be enforced fully fails to evoke respect or efficacy to improve the system for which it was enacted.
    Regards,

    Brahmanyan,
    Bangalore.

    Sir,

    Pranams,


    I agree that for effective implementation of a particular enactment, strict enforcement is necessary.

    At the same time, I would like point out that we live in a society where a section of people read ‘Kudi kudiyai kedukkum ‘ and drink and read the statutory warning: ‘Smoking is injurious to health’ and do smoke merrily.

    Yesterday, I read in an English Daily that Chennai Autos started demanding more than the stipulated tariff?

    Two wheeler riders don’t wear helmets though there is law to wear helmets. Similarly, though prohibited, public do use mobile phones while riding/driving.

    The general public is also expected to rise up and to co-operate with the Enforcement Agencies in effective implementation by strict adherence.

    Acceptance and co-operation of the general public is also important Sir, IMHO.


    With regards

    -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    "Isvarah Sarvabhutanam hriddese tishthati"
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  18. #10
    renuka's Avatar
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    What is so difficult to have some self discipline..here if we try to write anything on a note....no shop/business will accept it..so everyone learns how to behave.

    When foreign workers from India,Pakistan and Bangladesh come here they do not deface any local noted and follow the law so easily...how come nothing works in India when the same people can be so disciplined here?
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