What happens if we write on currency notes?

Though scribbling on notes is discouraged, the RBI said scribbled notes in the market are still legal for transaction. SO, IS IT STILL A PUNISHABLE OFFENCE TO WRITE ON BANKNOTES? No. There is no such law that calls it a punishable offence, though it is strongly discouraged.

Which is prohibited for writing on currency notes?

The RBI said it will not accept certain scribbling on the note, for instance, all bank notes with religious or political slogans are banned. Soiled notes can be exchanged at any public sector bank counter, any currency chest branch of a private sector bank or any issue office of the RBI, without filling any form.

Can we burn currency in India?

However neither the Currency Act nor Criminal Code mention paper currency. It therefore remains legal to completely destroy paper currency.

Is writing on currency notes a punishable Offence in India?

Writing on currency notes is a punishable offence as per the Reserve Bank of India’s clean note policy. In November 2001, the central bank had stated that writing on the watermark window of bank notes is punishable under Section 35A of the Banking Regulation Act 1949.

Which among the following banks issue currency notes on behalf of the central government in India?

On behalf of the Government of India, the Reserve Bank of India (RBI) issues currency notes.

What is the RBI system of note issue?

The RBI follows a minimum reserve system in the note issue. Initially, it used to keep 40 per cent of gold reserves in its total assets. But, since 1957, it has to maintain only Rs. As such, India has adopted the “managed paper currency standard.”

What issues currency notes on behalf of the Central Government?

Which among the following authorities issues currency notes on behalf of the government?

The currency notes on behalf of the Central Government are issued by the Reserve Bank of India (RBI) only.