In a step to check circulation of counterfeit
notes, the Reserve Bank today asked all banks to ensure authenticity of
notes of Rs 100 and above denomination before re-circulation.
"In light of Para 127 of the Monetary Policy Statement 2012-13...banks should now re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of Rs 100 and above should not be put into re-circulation without the notes being machine processed for authenticity," RBI said in a notification.
RBI further said that banks should use such machines in all bank branches with average daily cash receipt of Rs 50 lakh and above, within a definite time frame.
"In light of Para 127 of the Monetary Policy Statement 2012-13...banks should now re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of Rs 100 and above should not be put into re-circulation without the notes being machine processed for authenticity," RBI said in a notification.
RBI further said that banks should use such machines in all bank branches with average daily cash receipt of Rs 50 lakh and above, within a definite time frame.
Source:-The Times of India
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