ECONOMY
RBI stops the supply of 1,000 denomination notes printed without thread
- pt team
RBI stops the supply of 1,000 denomination notes printed without thread



The banknotes of 1,000 denomination that were printed without security thread are genuine, but defective, and issuance of all such banknotes of the series is stopped from circulation, Parliament was informed today.
 
It's one of the RBI's regional offices that had reported on December 11, 2015, that it had received some banknotes of 1,000 denomination of some particular series without any security thread, Minister of State for Finance Jayant Sinha said today in the Rajya Sabha.
 
"Other essential features were present in the banknotes in question. The defective notes found to be in circulation amounted to Rs 7.56 lakh only. All the bank branches/currency chests and RBI offices were immediately instructed to stop issuing all banknotes of 1,000 denomination belonging to the defective series," he said.
 
According to PTI report, the government has issued instructions to deal with such cases, he said in a written reply to the House.
 
The incident had happened at the Hosangabad unit of the Security Printing and Minting Corporation of India (SPMCIL).
 
Sinha said all the bank branches, currency chests and RBI offices are also advised to do detailed verification of these notes in stock.
 
Instructions were issued to all the regional offices of RBI concerned regarding detailed verification of stocks of notes as indicated by SPMCIL, he said.
 
"However, subsequently it was decided to remit back these notes to SPMCIL for thorough verification and resupply only those which are found to be fit for circulation", Sinha said further. - PTI






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