|#456822 Author: Sun Member Level: Platinum Member Rank: 12 Date: 16/Nov/2013 Rating: Points: 4|
Yes. It will make lot of difference. This should have been introduced long back. Yet, better late than never. Firstly, the bank staff should be advised to stop writing the numerals on the currency notes. They are the people who misuse the currency notes to keep account of currency handled by them. They should adopt a different method to keep our currency notes clean.
A good thing that need to be implemented and adhered strictly. No mercy should be shown to the currency notes with any writings. Goddess Dhana Lakshmi, the God of currency will be very happy with this move.
|#456825 Author: Dan Member Level: Gold Member Rank: 107 Date: 16/Nov/2013 Rating: Points: 2|
Do you really thinks that this law can be implemented since there are several such notes in rotation. The RBI has to destroy the existing written notes and must not circulate the existing notes via ATM.
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|#456832 Author: Chitra Member Level: Gold Member Rank: 0 Date: 16/Nov/2013 Rating: Points: 2|
I too heard about this news and it is been spread in social networking sites. I do not know how far it will be effective as we have lot of notes which has scribblings in it. How do people get time to write and why do they want to make it look dirty by scribbling in a valuable piece of paper?
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|#456856 Author: Ashok Goyal Member Level: Gold Member Rank: 68 Date: 16/Nov/2013 Rating: Points: 5|
Law was already in force even prior to the current notification. Now it will be enforced strictly as the notification of stapling of notes was implemented. Government has given sufficient time to deposit all mutilated, torn, notes with writings, pictures, colorful designs or mobile numbers or even with spray of turmeric, red rolly used in shoguns or defacement of any nature. The public can deposit such currency notes with the Banks by 31-12-2013 and banks have been asked to issued only such notes which are not defaced. RBI has made full preparations to replace the defaced currency. if still somebody is accepting such defaced notes either from public or from banks and is struck up with such defaced currency notes he is taking undue risk and may suffer a loss equivalent to the defaced currency in Hand after the Banks close their business on 31-12-2013. It is a step just equivalent to demonetization of currency in which particular currency notes loose the validity of being termed as legal tender. Government should have demonetized currency notes of 500 and above to bring out the black money.
|#456861 Author: Sun Member Level: Platinum Member Rank: 12 Date: 16/Nov/2013 Rating: Points: 2|
Government should once again announce every day through ads in the newspapers that all the scribbled currency notes are to be returned to the banks by the end of this year. This will help the individuals not to get into economical loss.
I think everyone will start acting now by not accepting any scribbled currency notes.
|#456863 Author: Phagu Mahato Member Level: Diamond Member Rank: 14 Date: 16/Nov/2013 Rating: Points: 2|
This is good move of RBI, this is because I often saw that some person always use pen on notes for counting as well some younger pen in notes for remarks .
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|#456864 Author: S Ramakrishnan Member Level: Gold Member Rank: 123 Date: 16/Nov/2013 Rating: Points: 2|
Writing something on the Indian currency is a bad habit. Bank cashiers themselves write some counting number on this. People receive such notes from banks. Further they also write.
The current initiative will put an end to this bad habit.
People who having such notes should act and return to banks.
|#456868 Author: Ashok Goyal Member Level: Gold Member Rank: 68 Date: 16/Nov/2013 Rating: Points: 5|
@Sun, No it will encourage a bad habit of scribbling of currency notes. Presently all the scribbled currency recalled by RBI will have to be got reprinted and the reprinting costs are very high as the materials used in printing of paper currency have to be imported causing unnecessarily balance of trade and payment crisis. Rather RBI and GOI should seriously think of replacing all the Cash Currency with accounted Plastic money to get rid of black money. Let all the transactions take place through swiping of cards. In lighter vein let beggars or political parties be also allowed to hold low cost swiping POS machines and to accept alms in cash Currency and the to be in more lighter vein let the individuals organizing royal marriages and functions should also install swiping POS terminal at prominent places in the functional parties making it convenient not to locate the host for handing over the closed envelop of Shagun to him or her and everything is in black and white. RBI might be thinking of reducing supply of hard currency in an effort to shift from paper money to plastic money. Who knows this step might be the first step in that direction only and RBI may not replenish the currency called back and instead of printing equivalent currency, it may not adjust the Fiscal Deficit to contain the money Supply resulting into that the Indian Rupee may become costly and sought after currency in the world.
|#456871 Author: Sun Member Level: Platinum Member Rank: 12 Date: 16/Nov/2013 Rating: Points: 1|
As per my observation, the scribblings on any currency note is not too much, and can be tolerated. The scribblings are mainly by the bank staff and the business establishments. The percentage is comparably very low. It could be just point one percent of the total currencies in circulation. Efforts should be made to reduce the size of the currency notes and increase the thickness of the currency notes. This will help to avoid mutilation of notes and scribbling in notes as there will be no space to scribble.
|#456873 Author: K Mohan Member Level: Platinum Member Rank: 3 Date: 16/Nov/2013 Rating: Points: 2|
This is really a good decision on the part of RBI to have the control over the currency notes looks, as more writings on the blank space by bank officers and cashiers make it vulnerable to loose the strength sooner or later. Hope this law comes into force with all full recommendations.
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