R. B. I. - Question &
Answers -- 2
31] Why are Re.1,
Rs.2, Rs.5 banknotes not being printed?
Volume-wise, the share of such small
denomination banknotes in the total banknotes in circulation was very
high but in terms of value they constituted a very small percentage.
The average life of these banknotes was
found to be less than a year.
The cost of printing and servicing these
banknotes was, thus, not commensurate with their life, and printing of these
banknotes was, therefore, discontinued.
These denominations were coinised.
However, Rs.5 was re-introduced in 2001 to supplement the gap between the
demand and supply of coins in this denomination.
The printing of Rs.5 banknotes has been
discontinued from the year 2005.
(i)
"soiled note:" means a note which, has become dirty due to usage and
also includes a two piece note pasted together wherein both the pieces presented
belong to the same note, and form the entire note.
(ii) Mutilated banknote is a banknote, of which a portion is missing or which is composed of more than two pieces.
(iii) Imperfect banknote means any banknote, which is wholly or partially, obliterated, shrunk, washed, altered or indecipherable but does not include a mutilated banknote.
(ii) Mutilated banknote is a banknote, of which a portion is missing or which is composed of more than two pieces.
(iii) Imperfect banknote means any banknote, which is wholly or partially, obliterated, shrunk, washed, altered or indecipherable but does not include a mutilated banknote.
Yes. Such banknotes
can be exchanged for value.
34] Where are soiled/mutilated banknotes accepted for exchange?
All banks are authorized to accept soiled banknotes for full value. They are expected to extend the facility of exchange of soiled notes even to non-customers.
All banks are authorized to accept soiled banknotes for full value. They are expected to extend the facility of exchange of soiled notes even to non-customers.
All currency chest branches of commercial
banks are authorised to adjudicate mutilated banknotes and pay value for these,
in terms of the Reserve Bank of India (Note Refund) Rules, 2009
Soiled banknotes
are exchanged for full value.
A mutilated
banknote can be exchanged for full value if,
(i)
For denominations of Re. 1, Rs. 2, Rs. 5, Rs. 10 and Rs. 20, the area of the
single largest undivided piece of the note presented is more than 50 percent of
the area of respective denomination, rounded off to the next complete square
centimeter.
(ii) For denominations of Rs. 50, Rs.100, Rs. 500 and Rs.
1000, the area of the single largest undivided piece of the note presented is
more than 65 percent of the area of respective denomination, rounded off to the
next complete square centimetre.Banknotes in denominations of Re. 1, Rs. 2, Rs. 5, Rs. 10 and Rs. 20, cannot be exchanged for half value.
A mutilated banknote in denominations of Rs.50, Rs.100, Rs.500 or Rs.1000, can be exchanged for half value if,
The undivided area of the single
largest piece of the note presented is equal to or more than 40 percent and
less than or equal to 65 percent of the area of respective denomination,
rounded off to the next complete square centimetre.
37] How much value would one get in
exchange of imperfect banknotes? The value of an imperfect note may be paid for full value / half value under rules as specified for mutilated notes if,
(i) the matter, which is printed on the note has not become totally illegible, and
(ii) it can be satisfied that it is a genuine note.
38] What types of banknotes are not eligible for payment under the Note Refund Rules?
The following banknotes are not payable under the Reserve Bank of India (Note Refund) Rules 2009.
A banknote for which:
·
the area of single largest undivided piece of
note presented is less than or equal to 50% of area of the note for
denominations of Re. 1, Rs. 2, Rs. 5, Rs. 10 and Rs. 20.
·
the area of the single largest undivided piece
of the note is less than 40 percent for denominations of Rs.50, Rs. 100, Rs.
500 and Rs. 1000.
A banknote which:
·
cannot be identified with certainty as
a genuine note for which the Bank is liable under the Act,
·
has been made imperfect or mutilated, thereby
causing the note to appear to be of a higher denomination, or has been
deliberately cut, torn, defaced, altered or dealt with in any other manner, not
necessarily by the claimants, enabling the use of the same for making of a
false claim under these rules or otherwise to defraud the Bank or the
public,
·
carries any extrinsic words or visible
representations intended to convey or capable of conveying any message of a
political or religious character or furthering the interest of any person or
entity,
has been imported into India by the claimant from
any place outside India in contravention of the provision of any law.39] What if a banknote is found to be non-payable?
Non-payable banknotes are retained by the receiving banks and sent to the Reserve Bank where they are destroyed.
40] Banknotes since Independence.
i.Ashoka Pillar
Banknotes:
The first banknote issued by
independent India was the one rupee note issued in 1949. While retaining
the same designs the new banknotes were issued with the symbol of Lion Capital
of Ashoka Pillar at Sarnath in the watermark window in place of the portrait of
King George.
The name of the issuer, the
denomination and the guarantee clause were printed in Hindi on the new
banknotes from the year 1951. The banknotes in the denomination of
Rs.1000, Rs.5000 and Rs.10000 were issued in the year 1954. Banknotes in
Ashoka Pillar watermark Series, in Rs.10 denomination were issued between 1967
and 1992, Rs.20 denomination in 1972 and 1975, Rs.50 in 1975 and 1981, and
Rs.100 between 1967-1979. These banknotes are still found in
circulation. The banknotes issued during the above period,
contained the symbols representing science and technology, progress,
orientation to Indian Art forms. In the year 1980, the legend
"Satyameva Jayate", i.e., truth alone shall prevail was incorporated
under the national emblem for the first time.
To contain the volume of banknotes
in circulation, Rs.500, banknote was introduced in October 1987 with the
portrait of Mahatma Gandhi and the Ashoka Pillar watermark.
ii. Mahatma Gandhi (MG) Series 1996
The banknotes in MG Series – 1996 are
available in the denomination of Rs.5, (introduced in November
2001) Rs.10 (13-06-1996), Rs.20 (24-08-2001), Rs.50 (14-03-1997), Rs.100 (04-06-1996),
Rs.500 (20-10.1997) and Rs.1000 (November 2000). All the banknotes of
this series bear the portrait of Mahatma Gandhi on the obverse (front) side, in
place of symbol of Lion Capital of Ashoka Pillar, which has also been retained
and shifted on the same side. This means that these banknotes contain Mahatma
Gandhi watermark as well as Mahatma Gandhi's portrait. 41] Are there any special features in the banknotes of Mahatma Gandhi series- 1996?
The Mahatma Gandhi series-1996 banknotes contained several special features vis-à-vis the banknotes issued earlier. These are
i.Security thread: Rs.10, Rs.20 and Rs.50
notes contain fully embedded security thread. Rs.100, Rs.500 and Rs.1000
banknotes contain windowed security thread. This thread is partially exposed
and partially embedded. When held against light, this thread can be seen as one
continuous line. Other than on Rs.1000 banknotes, this thread contains the
words 'Bharat' in the Devanagari script and 'RBI' appearing alternately. The
security thread of the Rs.1000 banknote contains the inscription 'Bharat' in
the Devanagari script, '1000' and 'RBI'.
ii.Latent Image: The vertical band
next to the (right side) Mahatma Gandhi’s portrait, contains a
latent image, showing the denominational value 20, 50, 100, 500 or 1000 as the
case may be. The value can be seen only when the banknote is held
horizontally and light allowed to fall on it at 45° ; otherwise this
feature appears only as a vertical band.
iii.Micro letterings:
This feature appears between the vertical band and Mahatma Gandhi portrait. It
contains the word ‘RBI’ in Rs.10. Notes of Rs.20 and above also contain the
denominational value of the banknotes. This feature can be seen better under a
magnifying glass.
iv.Identification mark: A special intaglio
feature (raised printing) has been introduced on the left of the watermark
window, on the obverse (front) on all banknotes except Rs.10/- banknote. This
feature is in different shapes for various denominations (Rs.20-Vertical
Rectangle, Rs.50-Square, Rs.100-Triangle, Rs.500-Circle, Rs.1000-Diamond) and
helps the visually impaired to identify the denomination
v.Intaglio Printing: The
portrait of Mahatma Gandhi, Reserve Bank seal, Guarantee and promise clause,
Ashoka Pillar Emblem and RBI Governor's signature are printed in intaglio
i.e. in raised prints in Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 banknotes.
vi.Fluorescence: The
number panels of the banknotes are printed in fluorescent ink. The banknotes
also have optical fibres. Both can be seen when the banknotes are exposed to
ultra-violet lamp.
VII. Optically Variable Ink: The numeral 500
& 1000 on the Rs.500 [revised colour scheme of mild yellow, mauve and
brown] and Rs.1000 banknotes are printed in Optically Variable Ink viz., a
colour-shifting ink. The colour of these numerals appears green when the
banknotes are held flat but would change to blue when the banknotes are held at
an angle
vii.Watermark:
The banknotes contain the Mahatma Gandhi watermark with a light and shade
effect and multi-directional lines in the watermark window.
iii) MG series – 2005 banknotes MG series 2005 banknotes are issued in the denomination of Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 contain some additional / new security features. The Rs.50 and Rs.100 banknotes were issued in August 2005, followed by Rs.500 and Rs.1000 denominations in October 2005 and Rs.10 and Rs.20 in April 2006 and August 2006, respectively.
42] The additional / new security features in MG Series 2005 banknotes.
i.Security Thread: The machine-readable
security thread in Rs.10, Rs.20 and Rs.50 denomination
banknotes is windowed on front side and fully embedded on reverse
side. The thread fluoresces in yellow on both sides under ultraviolet light.
The thread appears as a continuous line from behind when held up against light.
ii.Rs.100,
Rs.500 and Rs.1000 denomination banknotes have machine-readable windowed
security thread with colour shift from green to blue when viewed
from different angles. It fluoresces in yellow on the reverse and the
text will fluoresce on the obverse under ultraviolet light.
iii.Intaglio Printing: The portrait of
Mahatma Gandhi, Reserve Bank seal, Guarantee and promise clause, Ashoka Pillar
emblem, Governor's signature and the identification mark for the visually
impaired persons are printed in improved intaglio.
iv.See through register:
Half the numeral of each denomination (10, 20, 50, 100, 500 and 1000) is
printed on the obverse (front) and half on the reverse. The accurate back
to back registration makes the numeral appear as one when viewed against
light.
v.Water Mark and electrotype
watermark: The portrait of Mahatma Gandhi, the
multi-directional lines and an electrotype mark showing the denominational numeral
10, 20, 50, 100, 500 and 1000 appear in this section respectively in each denomination
banknote and these can be viewed better when the banknote is held against
light.
vi.Optically Variable Ink (OVI): The font size of the
numeral 500 and 1000 in Rs.500 and Rs.1000 denomination banknotes is reduced,
as compared to MG series banknotes issued in these denominations earlier in the
year 2000. The colour of the numeral appears green when the banknote is held
flat but would change to blue when the banknote is held at an angle.
vii. Dual coloured optical fibres,
seen under UV lamp.
viii.Year of Printing: Year of printing
appears on the reverse of the banknote
All these banknotes issued by the Bank are
legal tender.
viii.The
details are also available in the updated version of the Master
Circular on Detection and Impounding of Counterfeit Banknotes-
(2007). (Annex
IV)
Central banks, the world over change
the design of their banknotes and introduce new security features
primarily to make counterfeiting difficult and to stay ahead of counterfeiters.
India also follows the same policy.
44] What is a "star series"
banknote? Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each banknote bears a distinctive serial number along with a prefix. The prefix consists of numeral and letter/s. The banknotes are issued in packets containing 100 pieces.
The Bank has adopted the "STAR series" numbering system for replacement of defectively printed banknotes, at the printing presses. To begin with, this will be for banknotes of Rs.10, Rs.20 and Rs.50 denomination. The Star series banknotes are exactly like the existing Mahatma Gandhi Series banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefix and the number. The packets containing these banknotes will not, therefore, have sequential serial numbers, but contain 100 banknotes, as usual. To facilitate easy identification, the bands on such packets clearly indicate the presence of these banknotes in the packet.
45] How does one differentiate between a genuine banknote and forged / counterfeit banknote?
The banknote on which the above explained features i.e., the features of genuine banknotes are not available / absent can be suspected to be a counterfeit banknotes and examined minutely.
46] What are the legal provisions relating to printing and circulation of forged banknotes?
Counterfeiting banknotes / using as genuine, forged or counterfeit banknotes / possession of forged or counterfeit banknote / making or possessing instruments or materials for forging or counterfeiting banknotes making or using documents resembling banknotes are offences under Sections 489A to 489E of the Indian Penal Code and are punishable in the Courts of Law by fine or imprisonment ranging from seven years to life imprisonment or both, depending on the offence.
47] Clean Note Policy:
Reserve Bank of India has been continuously making efforts to make good quality banknotes available to the members of public. To help RBI and banking system, the members of public are requested to ensure the following:
o
Not to staple the banknotes
o
Not to write / put rubber stamp or any other
mark on the banknotes
o
Store the banknotes safely to prevent any damage
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