RBI

SOP-Putting indelible ink for old bank not exchange. Ink to be put on right index finger to identify that old currency notes exchanged only once-RBI

SOP-Putting indelible ink for old bank not exchange. Ink to be put on right index finger to identify that old currency notes exchanged only once-RBI

Reserve Bank of India

Standard Operating Procedure (SOP) for putting indelible ink on the finger of the customers coming to a bank branch for SBNs
RBI/2016-17/133
DCM (Plg) No.1280/10.27.00/2016-17

November 15, 2016

The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks

Dear Sir

Standard Operating Procedure (SOP) for putting indelible ink on the finger of the customers coming to a bank branch for SBNs

Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. Based on feedback received from various quarters, it is felt that there is a need to put in place a Standard Operating Procedure (SOP) for such exchange of Specified Bank Notes (SBNs). Accordingly, ROs are advised to put in place the following measures.

  1. While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.

  2. The indelible ink would be supplied to the bank/post offices by IBA in coordination with the banks and consultation with RBI.

  3. This procedure would be introduced to begin with in the metro cities and expanded to other areas later.
  4. Each bank branch will be provided with black indelible ink bottles of 5 ml each. The cap of the bottle includes a small brush for applying the ink.
  5. The indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink.
  6. Indelible ink on the index finger of the left hand or any other finger of the left hand may not be used as a pretext to deny exchange of old notes.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

Share

Recent Posts

  • Income Tax

Reassessment on basis of borrowed belief of Anti-Corruption Bureau quashed

ITAT quashed reassessment on the basis of borrowed belief of Anti-Corruption Bureau without applying mind In a recent judgment, ITAT…

13 hours ago
  • Income Tax

In considering disallowance u/s 40A(2) genuineness of expenditure not relevant issue

In considering disallowance u/s 40A(2) for payments to specified persons, genuineness of expenditure is not a relevant issue. In a…

15 hours ago
  • Income Tax

Expression “Yes I am satisfied” in approval u/s 151 not a vital defect – ITAT

Expression “Yes I am satisfied” in approval u/s 151 not such a vital defect on the basis of which, re-opening…

16 hours ago
  • Income Tax

Section 143(1) Intimation not an order for Revision u/s 264 of Income Tax Act

Section 143(1) Intimation is only an intimation and it cannot be treated as an order for the purpose of Section…

19 hours ago
  • Income Tax

PCIT with jurisdiction over non corporate assesee can’t transfer corporate assessee’s case

Order u/s 127 quashed as PCIT having jurisdiction over non corporate assesee could not have transferred case of a corporate…

20 hours ago
  • DGFT

Modalities for issue of export authorizations of wheat flour & related products

DGFT issues modalities for eligibility, receipt and processing of applications for issuance of authorizations for export of wheat flour and…

24 hours ago