INDIA'S CLEAN BANKNOTE POLICY

PREV ARTICLE NEXT ARTICLE FULL ISSUE PREV FULL ISSUE

V16 2013 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 16, Number 34, August 18, 2013, Article 28

This article from India describes the government's push to outlaw messages or writing of any kind on the country's banknotes. -Editor

The Reserve Bank today asked banks to issue suitable instructions to all officers and staff not to scribble or write on banknotes.

RBI said it was observed that in certain bank branches the practice of writing or scribbling on the body of the banknotes continues to remain in vogue. Accordingly, such banknotes get treated as soiled banknotes and cannot be recirculated.

"You (banks) are advised to issue suitable instructions to all dealing officers and staff to forthwith stop writing/ scribbling of any kind on any part of the banknote to ensure achievement of the objectives of Clean Note Policy," it said in a notification.

Under the present system of mechanised processing of banknotes, inscription or scribbling on any part of the banknote would render it to be classified as unfit for reissue.

To read the complete article, see: RBI asks banks not to scribble or write on banknotes (economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/rbi-asks-banks-not-to-scribble-or-write-on-banknotes/articleshow/21828043.cms)

Such a policy in the U.S would apply to a wide swath of overstamped notes such as "Where's George?" notes and various political slogans, like "Obama Rocks". But the article says the directive is aimed at bank employees. I wondered: What are employees writing on notes? Is there some business purpose for that? Then I came across the next article, which makes more sense. -Editor

An unknown Kashmiri separatist group called Kashmir Graffiti has become active in Jammu & Kashmir, stamping separatist slogans on Indian currency notes to voice their demands.

According to their statement posted on social networking site Facebook, the group has stamped currency worth Rs 30 crores in the last four months. The group has also put a video on YouTube about it.

According to the Reserve Bank of India's clean note policy announced on May 10 this year, inscription or scribbling on any part of the banknote would render it to be classified as unfit for reissue. Accordingly, such banknotes get treated as soiled banknotes and cannot be re-circulated.

Head of corporate communications, J&K Bank, Sajad Bazaz said the claim of Rs 30 crore branded with slogans is yet to be verified by the police. Action will follow, he said. "So far the currency is concerned the stamped notes can't be termed as invalid," Bazaz said.

To read the complete article, see: Separatist slogans on banknotes in J&K (timesofindia.indiatimes.com/india/Separatist-slogans-on-banknotes-in-JK/articleshow/21906103.cms)

Wayne Homren, Editor