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HomeBusinessRBI Guidelines: Check Note Sorting Machines Every 3 Months

RBI Guidelines: Check Note Sorting Machines Every 3 Months

RBI Guidelines: The Reserve Bank of India (RBI) has issued guidelines for banks on Friday. RBI has asked banks to check the accuracy of note sorting machines every 3 months. So that the circulation of notes can be determined according to the prescribed standards. After the implementation of demonetisation in November 2016, RBI had issued new notes of Rs 200, Rs 500 and Rs 2,000, besides a new series of notes of other denominations were also issued. Regarding the introduction of the new series of banknotes, RBI said that the standards for checking the genuineness and condition of the notes have been reviewed and now revised guidelines have been issued.

Identification of counterfeit notes
RBI said about the criteria for identification of counterfeit notes that a genuine note should be so clean as to be genuine that the face value on it can be easily seen by the machine. Could. At the same time, mutilated or in bad condition notes are being told to be taken out of circulation. Also, the series notes that RBI has taken out of circulation will also be considered unfit.

Only notes that meet all standards should run 
RBI said in the instruction that, a note can be considered fit for reuse only if it meets all the criteria of fitness . RBI has set certain norms for the machines used for counting cash in banks. These machines should be able to identify suspicious and counterfeit notes, so that they can be brought out of circulation.

Bank kept records 
RBI said, “Banks will have to ensure that the accuracy and consistency of the note dispensing machines are tested on a quarterly basis. If necessary, replace them. Bank officials will also have to keep a record of this.

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