"The Reserve Bank of India has appealed to all Indians not to use banknotes for making garlands, decorating pandals and places of worship or for showering on personalities in social events, etc," an RBI release said yesterday. Such actions, deface the banknotes and shorten their life. "...banknotes should be respected as they are a symbol of the Sovereign and public should not misuse them, and help in increasing the life of banknotes," the RBI added. The Reserve Bank also stated that it has been taking all measures to supply clean banknotes across the country and urged the Indian Citizens to contribute their mite to its efforts in pursuing a "clean note policy" for the country. In past too, the RBI had made a similar appeal. There is no specific provision under the Banking Regulation Act, 1949, or under RBI Act, 1934 to check or prevent such misuse of currency notes.
Posted on: Fri, 13 Sep 2013 05:12:20 +0000
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