What changed
RBI decided to incorporate additional security features and improve existing ones on banknotes of Rs 50, Rs 100, Rs 500, and Rs 1000 denominations, following a High Level Committee's recommendations. The new notes will be introduced in a phased manner during 2005, targeting circulation in the near future.
What it means for you
Banks must ensure their currency verification and processing machines are compatible with the new security features to avoid disruptions. This move aims to deter counterfeiting and help the public identify genuine notes, but requires banks to update equipment and train staff.
What you must do
- Review the enclosed list of new overt security features for Rs 50, Rs 100, Rs 500, and Rs 1000 notes.
- Assess and adapt your currency handling machines to process the new notes effectively.
- Prepare for a meeting with RBI on security feature changes; await separate intimation.
- Plan internal awareness and training for staff on identifying the new features.
Who it affects
Public sector banks, Private sector banks, Foreign banks, Currency handling machine vendors, Banknote verification teams
When will the new notes be introduced?
New banknotes for denominations of Rs 50 and above will be introduced during 2005 in a phased manner, with circulation targeted for the near future.