RBI warns banks of Rs1,000 notes sans security thread
21 Jan 2016
The Reserve Bank of India said it has received complaints that notes of Rs1,000 denomination without the security thread are in circulation, and has asked banks not to issue them in case these are found.
"We have received complaints regarding banknotes in the denomination of Rs1,000 printed by Currency Note Press, Nashik, on the paper (without security thread) supplied by Security Paper Mill (Hoshangabad)," an RBI spokesperson said.
The RBI has informed all the banks in Mumbai region not to issue such notes if found in stock and to provide exchange value to the customer who approaches them with such a note, if it is otherwise genuine.
"We have also escalated the matter to the government," the spokesperson said. The total number of such notes with public may not be more than 500 pieces, the spokesperson added. So, in value terms these would be worth Rs5,00,000.
Currency Note Press, Nashik is a unit of Security Printing and Minting Corporation of India Limited (SPMCIL) under administrative control of the union finance ministry.