RBI Banned Holi Colored Scribbled Notes of 500 and 2000: Fact Check


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Picture about RBI Banned Holi Colored Scribbled Notes of 500 and 2000
RBI Banned Holi Colored Scribbled Notes of 500 and 2000

Story:

RBI Banned Holi Colored Scribbled Notes of 500 and 2000

Other Versions

1. Color-stained notes on Holi banned by RBI

2. Banks will not accept new 500 2000 Holi colored notes

3. Banks will not accept currency notes if there’s anything written or scribbled on them.

Picture about RBI Banned Holi Colored Scribbled Notes of 500 and 2000
RBI Banned Holi Colored Scribbled Notes of 500 and 2000

Fact Check:

Certain stories shared widely on WhatsApp and social media warn people that RBI Banned Holi Colored Scribbled Notes of 500 and 2000. The Reserve Bank of India (RBI) directed banks not to accept Rs 2,000 and Rs 500 notes if they come with Holi color blots or scribbled writing on them, it is said. Allegedly, the new guidelines are for safeguarding the new legal tender notes. Holi is the festival of colors and celebrations in India, which in fact leads to soiling of notes. So, there was confusion among public if the colored, faded and scribbled currency notes are really valid or not.

Picture of Scribbled 2000 Rupee Note
Scribbled 2000 Rupee Note

Has RBI Banned Holi Colored Scribbled Notes?

After the confusion about validity of colored and scribbled notes, and certain bank officials denying accepting them, RBI clarified the matter. In a notification dated 25th April 2017, RBI explained the bank branches cannot refuse to accept scribbled/colored/faded bank notes. Such notes are to be treated as soiled notes, it said. RBI also stated if bank branches fail to accept such notes, they may invite punitive action. Talking about the issue, an RBI spokeswoman said all currency notes issued by it are legal tender. She also added that all banks and members can freely and without fear accept them in exchange for goods and services.

Clean Note Policy

Although RBI did not ban the colored, faded or scribbled notes, they do advocate clean note policy. It keeps requesting banks officials and people not to write on currency notes, as it spoils them and reduces their life. The Central Bank also issued a related statement directive for staffers not to write on banknotes.

So, the claims that RBI banned Holi colored scribbled notes, and that Banks will not accept them are hoaxes. Nonetheless, it is the duty of the citizens to keep the currency notes clean; without any scribbling or coloring.

Hoax or Fact:

Hoax.

References:

Banks can’t refuse scribbled notes, says RBI circular
Banks can accept coloured notes, but avoid dirtying them: RBI


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Prashanth Damarla
Debunker

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