Star Series Banknotes are legal – Reserve Bank of India clarifies on Star Series Banknotes
Recently, in social media, a post went viral claiming that if there is a star in the middle of the numbers of the Bank note then it is a fake note. As per the viral posts people was mislead suggesting to return such note to the bank.
Today, RBI has issued a clarification on Star Series Bank notes on the validity of banknotes with a Star (*) symbol present on the number panel.
According to RBI, the Star (*) symbol is inserted in the number panel of a banknote that is used as replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes.
It has been stated that a banknote with a Star (*) symbol is identical to any other legal banknote, except that in the number panel a Star (*) symbol is added between the prefix and the serial number.
Thus, the Star (*) symbol in a bank note is an identifier that it is a replaced / reprinted banknote.
Information about the “Star Series” banknotes is available on the RBI website as part of FAQ as under:
Question : What is a “star series” banknote?
Answer: Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each of these banknote bears a distinctive serial number along with a prefix consisting of numerals and letter/s. The banknotes are issued in packets containing 100 pieces.
The Bank adopted the “STAR series” numbering system for replacement of defectively printed banknote in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefix.
- High Court grants bail to accused of alleged GST evasion of Rs. 120 crores
- TDS u/s 194IC is applicable for payment under JDA to transferor holding leasehold rights
- On invoking Section 69A burden of proof lies on AO to establish source of unexplained money
- When order u/s 263 is quashed, assessment order u/s 143(3) r.w.s. 263 has no legs to stand
- When interest income offered on accrual basis, TDS on maturity can not be disallowed
