RBI ask banks to test note sorting machines on quarterly basis
The Hindu
An RBI circular said a fit note is “a note that is genuine, sufficiently clean to allow its denomination to be readily ascertained and thus suitable for recycling”
The RBI on Friday asked banks to test their note sorting machines for accuracy and consistency every quarter to ensure currency notes conform to the prescribed parameters.
Following demonetisation in November 2016, the Reserve Bank issued new notes of ₹200, ₹500, and ₹2000, besides releasing new series for other denominations.
In the backdrop of the introduction of the new series of banknotes, the Reserve Bank said note authentication and fitness sorting parameters have been reviewed and a revised set of guidelines have been issued for implementation.
In the circular on ‘Note Sorting Machines - Authentication and Fitness Sorting Parameters’, the RBI said a fit note is “a note that is genuine, sufficiently clean to allow its denomination to be readily ascertained and thus suitable for recycling”.
An unfit note is the one that is not suitable for recycling because of its physical condition or belongs to a series that has been phased out by the Reserve Bank of India.
“A note must pass all the fitness parameters to be considered fit for recycling,” the central bank said while prescribing the parameters.
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