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RBI move to check menace of fake notes

By Staff reporter

GUWAHATI, June 1 � To deal with the menace of counterfeit notes, the Reserve Bank of India (RBI), Guwahati is set to strengthen its drive of ensuring the installation of adequate numbers of note sorting and examining machines in the banks.

Addressing a press meet, Surekha Marandi, Regional Director, RBI today said that instructions have been issued to all the banks to process all the notes they receive, through the note sorting and examining machines.

�Apart from the continual upgrades of bank notes security features and public awareness drives, the RBI also conducts the inspections to ensure that all notes of Rs 100 or bigger denominations are duly processed through the note sorting machines,� she said.

�In view of the growing counterfeiting, the RBI is trying to ensure the installation of sufficient number of such machines in the banks. Still, if the fake notes come out of the ATMs, it means that somebody has not done the job properly,� she said replying to a question.

Promoting the RBI�s clean note policy Marandi said that the soiled notes can be exchanged through the bank branches. If any bank branch refuses to exchange the soiled note, a complaint can be lodged with the RBI.

�There are lots of dirty notes in the market that can be exchanged for fresh notes. Exchange facility for torn, mutilated or defective notes is also available at the currency chests of commercial banks and in Reserve Bank issue offices,� she further mentioned.

�In spite of a growing use of credits cards and electronic payment, currency still forms the largest volume of payment instruments. As on May 21, Friday, the notes in circulation in India were worth Rs 8, 42, 472 crore and in North East it was Rs 81 thousand crore which is 9 per cent of the country�s total note circulation,� she added.

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RBI move to check menace of fake notes

GUWAHATI, June 1 � To deal with the menace of counterfeit notes, the Reserve Bank of India (RBI), Guwahati is set to strengthen its drive of ensuring the installation of adequate numbers of note sorting and examining machines in the banks.

Addressing a press meet, Surekha Marandi, Regional Director, RBI today said that instructions have been issued to all the banks to process all the notes they receive, through the note sorting and examining machines.

�Apart from the continual upgrades of bank notes security features and public awareness drives, the RBI also conducts the inspections to ensure that all notes of Rs 100 or bigger denominations are duly processed through the note sorting machines,� she said.

�In view of the growing counterfeiting, the RBI is trying to ensure the installation of sufficient number of such machines in the banks. Still, if the fake notes come out of the ATMs, it means that somebody has not done the job properly,� she said replying to a question.

Promoting the RBI�s clean note policy Marandi said that the soiled notes can be exchanged through the bank branches. If any bank branch refuses to exchange the soiled note, a complaint can be lodged with the RBI.

�There are lots of dirty notes in the market that can be exchanged for fresh notes. Exchange facility for torn, mutilated or defective notes is also available at the currency chests of commercial banks and in Reserve Bank issue offices,� she further mentioned.

�In spite of a growing use of credits cards and electronic payment, currency still forms the largest volume of payment instruments. As on May 21, Friday, the notes in circulation in India were worth Rs 8, 42, 472 crore and in North East it was Rs 81 thousand crore which is 9 per cent of the country�s total note circulation,� she added.