Accept cash in any denomination: RBI
15 Sep 2009
Cash can be tendered in any denomination and no one can refuse accepting it on the basis of certain denominations, the Reserve Bank of India said in a statement on Monday.
"It has come to the notice of the Reserve Bank of India that certain establishments are adopting restrictive practices such as not accepting notes of certain denominations or series etc" RBI said.
"All government/semi-government offices, public/private sector institutions and also any other organisation / establishment / individual accepting cash should desist from such practices," RBI said in circular.
RBI said further information could be had from its regional offices. The central bank said it has posted features of genuine Indian bank notes on its web site www.rbi.org.in.
The has also framed a new set of refund rules for bank notes, called the Reserve Bank of India (Note Refund Rules) 2009. The new rules, notified in the Gazette of India on 4 August 2009, had already come into force.
The new set of rules are simplified and easy to comprehend and are also available on RBI website www. rbi.org.in.
