You must have often heard the saying that 'the world runs on money.' But you must have also heard the saying that 'False coins do not work.' Yes, if the currency in your pocket is bad then why should your pocket be full of bundles, but if the currency is bad then it is a waste of paper.
To make people aware about currency, Reserve Bank of India (RBI) has issued new guidelines for banks to identify unfit currency in the system. The Reserve Bank has said in its guidelines that all banks should check their note sorting machines every three months and cooperate in removing unfit notes from circulation.
What is Unfit Currency?
In RBI language, certain parameters are kept in mind while printing currency notes. But after years of use and passing through millions of hands its quality deteriorates. Many times, due to wrong saving of money, notes get spoiled, which is called unfit currency. Often people stop taking such notes. In such a situation, the Reserve Bank takes back these notes through banks and destroys them.
What are the standards of Unfit Currency?
RBI said that note sorting machines are designed to identify unfit notes. Therefore banks should take proper care of these machines. Unfit note is a note which is not found suitable for recycling. Their physical condition is very poor or RBI has removed that category from the note system.
Reserve Bank reveals the identity of unfit notes
According to RBI, unfit notes can be identified in 10 ways. The Reserve Bank has instructed the sorting machines to identify unfit notes. In the circular, RBI has said that fit note is a note which is genuine and clean, which can be recycled.
What to do if you have worthless notes in your pocket?
If you have received a defaced note and no one else is willing to accept it, you can go to your bank and exchange your currency note. Banks cannot refuse to take back such notes.
10 ways to identify a bad note
1. After a currency note comes into circulation, it passes through the hands of thousands to lakhs of people. During this time the note becomes dirty. Many times people keep the notes in the wrong way, in such a situation the print of the folded notes gets spoiled. Such notes are declared invalid.
2. Due to continuous use of the note, its paper becomes soft. During the rainy season, the note often becomes loose, due to which the raised marks on it cannot be recognized properly. Such notes are called unfit.
3. If the area of the dog ear on the note is more than 100 square mm and its shorter edge is more than 5 mm, such note will be declared invalid.
4. The Reserve Bank has made it clear that even if a note is torn from the edge to the middle, it will be considered ineligible.
5. Even if the note has a hole of more than 8 square millimeters, it will be considered invalid.
6. Even if there is any major stain or ink on the note, the note will become invalid and will be out of circulation.
7. If there is any change in the note graphics. As soon as the number or figures have become smaller or larger, such notes will be considered invalid.
8. Some people bend the note too much while using it. Due to this, if its length becomes less than the actual note then such note will also become ineligible.
9. If due to continuous use the original color of the note gets spoiled and at some places the color disappears from its surface or becomes very light, then such notes will also be considered unfit.
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10. Some people stick the fretted notes with tape or glue. Such notes will also become invalid and will go out of circulation.
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