Business Economy 09 Mar 2017 RBI in missive to ba ...

RBI in missive to banks bars use of colour-stained notes on Holi

DECCAN CHRONICLE
Published Mar 9, 2017, 3:41 pm IST
Updated Mar 9, 2017, 4:24 pm IST
Central bank directs banks not to accept Rs 2,000 and Rs 500 notes if they come with colour blots.
Rs 2,000 notes are new legal tender.
 Rs 2,000 notes are new legal tender.

Mumbai: This Holi, you cannot use your high value currency notes if you have touched them with colour stained hands and left a mark on them.

The Reserve Bank of India in its new guidelines for safeguard of new legal tender notes has directed banks not to accept Rs 2,000 and Rs 500 note if they come with colour blots on them.

 

According to a report published in The Economic Times, the central bank’s latest directions form part of government’s efforts towards promoting digital transactions and making country a cashless economy.

Besides, the restriction on use of new high value notes could also be attributed to the ‘clean notes’ policy that the central bank formulated back in 1999.

Since then, RBI has taken a number of steps to prevent soiled and mutilated currency notes from coming into circulation.

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