The Reserve Bank of India (RBI) on Friday issued pointers directing banks to check their banknote sorting machines on a quarterly foundation. The central financial institution revised the prevailing pointers for authentication and sorting following introduction of the brand new sequence banknotes.
“In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set of guidelines are enclosed for implementation,” the central financial institution mentioned.
Currently, the RBI points banknotes in denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000, in accordance with info in its annual report for 2021-22. In worth phrases, the share of Rs 500 and Rs 2000 banknotes collectively accounted for 87.1% of banknotes in circulation. In quantity phrases, Rs 500 denomination constituted the very best share at 34.9% of the overall banknotes in circulation as on March 31.
Banks should put together a check deck of minimal 2,000 items of dirty notes, together with mutilated one and faux Indian forex notes, as per the revised pointers. The machine shall be required to be examined by utilizing notes of various denominations reminiscent of Rs 100 outdated sequence notes, Rs 100 new sequence notes, Rs 200 notes, Rs 500 notes and Rs 2,000 notes. In case of discrepancies throughout the sorting, suppliers should re-calibrate the machines, the central financial institution mentioned.
Source: www.financialexpress.com”