The Reserve Bank of India has issued a notice that states that the banks must accept scribbled noted. This, however, has been neglected by the banks who refused in many areas of the Country to accept scribbled notes. It has especially become difficult to exchange these notes in Hyderabad as they are not only being rejected by the banks but also in the market.
The vendors blame the banks and say it is because of their refusal the market has stopped accepting scribbled notes. Shopkeepers in general have the habit of bundling up notes and scribble that days collection on the notes. Employees that get paid in cash have also started being very careful about scribbled notes as banks have rejected notes. It also has been reported that banks have rejected scribbled notes even from their own employees.
This however will change soon as the RBI has issued against the rejection of scribbled notes, which comes to notice, will attract a fine of at least Rs. 10,000. Writing also has become an issue in banks as the bank senior officials have the habit of scribbling on notes, which are then rejected by the office staff at the counter. The banks said that the reason for rejection is that bank branches need time for notes exchange from the currency chest. When going for exchange, they are also questioned for pulling too many written notes.
A RBI official said all banks have to accept scribbled, colored and also fake currency and confiscate them and surrender it to the apex bank.
