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Writed Indian rupees note will not be accepted in banks after January 1, 2014 said by RBI


Posted Date: 16 Nov 2013      Posted By:: Dan     Member Level: Gold    Member Rank: 127     Points: 2   Responses: 11



I recently heard that that the RBI had told that writings on Indian rupees note will not be accepted in banks after January 1, 2014 but I don't know is it true or not. I want to ask members, will this law make any impact/stop writing on the currency notes?

Regards,
M.K.Dan
[ Hit on ma name 'DAN' above and view my 'Contributions' such as amazing articles and funny questions & answers ]




Responses

#456822    Author: Sun Online     Member Level: Platinum      Member Rank: 10     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
Sun of ISC - Let us learn good English through ISC


 
#456825    Author: Dan      Member Level: Gold      Member Rank: 127     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
M.K.Dan
[ Hit on ma name 'DAN' above and view my 'Contributions' such as amazing articles and funny questions & answers ]


 
#456826    Author: Sun Online     Member Level: Platinum      Member Rank: 10     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     Points: 3

According to me, the percentage of written notes will be very few. Where is time for people to write on notes in this busy world except the number count by business establishments and banks? That too, they use pencils which can be erased easily. There are ink erasers that helps to freshen up the written currency notes. I do not think it as impossible, but possible in all respects.

Regards,
Sun of ISC - Let us learn good English through ISC





 
#456832    Author: Chitra      Member Level: Diamond      Member Rank: 21     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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?

Regards
Chitra
"Do not give up, things might not favour you always"


 
#456856    Author: Ashok Goyal      Member Level: Diamond      Member Rank: 64     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
Ashok Goyal(wqaindia).
Speak Truth and Forget.


 
#456861    Author: Sun Online     Member Level: Platinum      Member Rank: 10     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
Sun of ISC - Let us learn good English through ISC


 
#456863    Author: Phagu Mahato      Member Level: Gold      Member Rank: 101     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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 .

Phagu
Success occurs when opportunity and preparation meet.


 
#456864    Author: S Ramakrishnan      Member Level: Gold      Member Rank: 320     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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: Diamond      Member Rank: 64     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
Ashok Goyal(wqaindia).
Speak Truth and Forget.


 
#456871    Author: Sun Online     Member Level: Platinum      Member Rank: 10     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

Regards,
Sun of ISC - Let us learn good English through ISC


 
#456873    Author: K Mohan      Member Level: Platinum      Member Rank: 4     Date: 16/Nov/2013   Rating: 2 out of 52 out of 5     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.

If you achieve success, it must be sustained and retained.


 
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