Penal action for stapled notes
By The penal action would b | 09 Jan 2004
1
Mumbai:
The Reserve Bank of India today said it would take
penal action against banks or bank branches found issuing
or accepting stapled currency notes.
The
penal action would be taken under the existing provisions
of the Banking Regulation Act, 1949, said a press note
from the apex
bank. The regulator has also reiterated that stapling
of note packets
had been totally banned and no bank or bank branch should
issue or accept note packets in stapled condition.
