Clean Note Policy
Reserve Bank of India continues to take measures to ensure adequate availability of bank notes and coins while improving to quality of bank notes in circulation. Bank notes with new/additional security features were introduced by RBI from time to time to arrest to growing fake notes in circulation. In addition to regular supply of fresh notes. Speedier disposal of soiled bank notes and discontinuance of the practice of stapling bank notes have contributed to improvement in quality of bank notes. Banks have also seen issue directives instructing inter alia to sort bank notes into issuable and non-issuable issue only clean notes to public and to remit the soiled notes in unstapled condition to the Reserve Bank through currency chests.
Accordingly guidelines have been issued to our branches to follow the guidelines of RBI with regard to issue of clean notes. Our branches have been advised to accept mutilated and soiled note from the customers for exchange on collection basis. Once the soiled or mutilated notes are accepted, it will be sent to RBI for exchange and as soon as our account with RBI is credited, Customer’s account will be credited for the value received.
We have also issued the guidelines to accept small denomination coins which are legal to tender. Customers are requested to avail this facility.
In case of not providing of valid PAN by the depositors, TDS at higher rates i.e., 20% will be deducted on the interest earned on term deposits.
RBI Press Release regarding Notes dated 11th September 2013
RESPECT YOUR BANKNOTES: RBI APPEALS TO PUBLIC THE RESERVE BANK OF INDIA TODAY APPEALED TO MEMBERS OF PUBLIC NOT TO USE BANKNOTES FOR MAKING GARLANDS, DECORATING PANDALS AND PLACES OF WORSHIP OR FOR SHOWERING ON PERSONALITIES IN SOCIAL EVENTS ETC., SUCH ACTIONS DEFACE THE BANKNOTES AND SHORTEN THEIR LIFE, THE RESERVE BANK STATED AND ADDED THAT BANKNOTES SHOULD BE RESPECTED AS THEY
ARE A SYMBOL OF THE SOVEREIGN AND PUBLIC SHOULD NOT MISUSE THEM AND HELP IN INCREASING THE LIFE OF BANKNOTES. THE RESERVE BANK HAS ALSO STATED THAT IT HAS BEEN TAKING ALL MEASURES TO SUPPLY CLEAN BANKNOTES ACROSS THE COUNTRY AND HAS URGED THE MEMBERS OF PUBLIC TO CONTRIBUTE THEIR MITE TO ITS EFFORTS IN PURSUING A 'CLEAN NOTE POLICY' FOR THE COUNTRY.
PRESS RELEASE: 2013-2014/533
PRINCIPAL CHIEF GENERAL MANAGER