Banks Will be Fined 10,000 if they Refuse to Accept Scribble Notes






Fake news, social media buzz, and of course, WhatsApp texts are the reasons why people believe whatever they come across and the way everything is maintained makes it even more believable. There was a rumor doing the rounds on the Internet that stated that banks will not accept notes that are scribbled and are no longer eligible for being used in the market as a means of transaction.

After the rumor spread like fire, RBI had to come out and make statements on its own.

1.       The RBI also stated that although they ask and appeal people not to write anything on the notes, it is still mandatory for the bank workers to accept such notes and that they shouldn’t refuse it based on some Internet rumor.



2.       You should not believe any such news. No bank can refuse any currency note. The RBI cleared that notes that have anything written over them, as long as the value of the note is not tempered with, can be accepted by the bank and is a legal tender. For people who lost their breath when the ATM threw out a scribbled note, this is a sigh of relief.



3.       All the scribbled notes are legal and will be seen as legal tenders unless there are messages written that are of political nature or have slogans on the value of the note. If you are among those few who have the habit of writing your daily chores on notes then please don’t.







Back in 1999, RBI came out with a policy of clean notes and urged people not to write anything on the notes. They also asked major banks like SBI, AXIS, HDFC to respond whether they are accepting such notes or not [such is the power of Internet trolls and rumors].

After the rumors spread on the Internet, the RBI had to implement strict rules for the banks so that the issue didn’t arise. They asked the bank to accept the notes even if they are scribbled on. And if the banks failed to adhere to the rules then RBI will be authorized to fine them Rs10000.

Many legal firms like Nirmal Singh 3C Company among others have come forward and backed the idea presented by the RBI and have said that this will enable the consumers to trust the banking sector more, especially after the upheaval that demonetization caused in India.



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