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Thursday, January 21, 2016

RBI asks banks to stop Rs 1,000 notes without security thread

The RBI said it has received complaints about notes of Rs 1,000 denomination without the security thread being in circulation and has asked banks not to issue them in case these are found, said the media report.

"We have received complaints regarding banknotes in the denomination of Rs 1,000 printed by Currency Note Press, Nashik, on the paper (without security thread) supplied by Security Paper Mill (Hoshangabad)," an RBI spokesperson said as per the PTI report.

The Reserve Bank has informed all the banks in Mumbai region not to issue such notes if found in stock and to provide exchange value to the customer who approaches with such a note, if it is otherwise genuine.

"We have also escalated the matter to the government," the spokesperson said.

The total number of such notes with public may not be more than 500 pieces, the spokesperson added.