What changed
RBI announced the phased introduction of banknotes with additional security features. Rs.50 and Rs.100 notes will be issued in August 2005, Rs.500 and Rs.1000 notes in September 2005, and Rs.10 and Rs.20 notes in 2006.
What it means for you
Banks need to train staff to recognize the new security features and educate the public to prevent counterfeiting. This phased rollout requires coordination across branches for display and awareness campaigns.
What you must do
- Display the press release at branches as advised.
- Train staff to identify new security features (implied by 'adequate publicity').
- Give adequate publicity to the new banknotes for staff and public awareness.
- Acknowledge receipt.
Who it affects
Public sector banks, Private sector banks, Foreign banks, Bank branch staff handling cash, General public using banknotes
When will the new security feature notes be issued?
Rs.50 and Rs.100 notes in August 2005, Rs.500 and Rs.1000 in September 2005, and Rs.10 and Rs.20 in 2006.
What should banks do to prepare for these new notes?
Banks should display the press release, train staff on the new features, and publicize the changes to the public.