RBI Rule from 1st JANUARY 2014 ?
I got the following forwarded mail :

http://www.mcxcontrol.com/2013/09/09/rbi-rule-1st-january-2014-bank-accept-written-currency-note/

RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE
HEMANT
September 9, 2013
RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE.
CAN NOT ALSO DEPOSIT THAT NOTE IN BANK.

I am not sure whether this is true. Even if such a rule is there it will be difficult to enforce it with out giving proper guide lines to the public as to what should we do with such currency notes already with us, If it is not a legal tender in the Bank,I am afraid such a circular will create panicky reaction from the Public rushing to Banks to deposit all the Currency Notes on hand.
I checked up the RBI net, I couldn't find any specific circular to that effect issued in recent times, except the one prohibiting writing political messages on the Rupee currency.

RBI/2013-14/91 DCM (NE) No. G - 4/08.07.18/2013-14 /July 01, 2013
7. Notes bearing slogans / political messages, etc.
Any note with slogans and message of a political nature written across
it ceases to be a legal tender and the claim on such a note will be
rejected under Rule 6(3) (iii) of Reserve Bank of India (Note Refund)
Rules, 2009. Similarly, notes which are disfigured may also be
rejected under Rule 6(3) (ii) of Reserve Bank of India (Note Refund)
Rules, 2009

I give below the URL of RBI Master Circular issued dated 1st July 2013

Reserve Bank of India

From the Circular, it seems RBI updates its instructions on various subjects relating to its operations by issuing Master Circulars, which is helpful.

I request our members to clarify further if they know more on the subject.

Brahmanyan,
Bangalore.


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