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RBI tells banks not to staple note packs but issue clean ones

The Reserve Bank has directed banks to do away with stapling of note packets and issue only clean currency notes to the public.

'...banks should do away with the stapling of any note packet and instead secure note packets with the paper bands and should sort notes into re-issuables and non-issuables, and issue only the clean notes to public,' it said in a notification.

It also asked banks to stop writing of any kind on the watermark window of bank notes.

Reiterating its clean note policy, RBI said instances of certain branches of  banks continuing to follow old practices such as stapling, writing number of note pieces in loose packets on watermark window of notes disfiguring the watermark impression and rendering it difficult for easy recognition have come to its notice.

It also said that certain bank branches do not sort notes into re-issuables and non-issuables, and issue soiled notes to public.

'Such practices are against the 'Clean Note Policy' of Reserve Bank of India,' it said.

The objective of the RBI's Clean Note Policy is to give the citizens good quality currency notes and coins, while the soiled notes are withdrawn out of circulation.

According to RBI data, on an average, one out of five paper notes in circulation (over 20 per cent) gets disposed of every year after getting soiled and the number of such soiled currency bills stood at over 13 billion units during the fiscal ended 31 March, 2012.

RBI will soon run a trial pilot project for plastic or polymer currency notes with a view to increase the shelf-life of notes.


MCX, NCDEX RESTART FUTURES TRADING IN GUAR SEED, GUM

Commodity exchanges Multi-Commodity Exchange of India (MCX) and NCDEX on Tuesday restarted futures trading in guar seed and guar gum contracts with the commodity markets regulator Forward Markets Commission lifting the ban. The regulator had banned guar futures in March last year due to price volatility.

 With the contract size of 1 mt, tick size of Rs 10 per quintal and the delivery unit of 1mt, it is a compulsory delivery contract, with staggered delivery offered for the last 15 days, NCDEX said in a statement here.

The basis delivery centre is Jodhpur and additional delivery centres are Bikaner, Nokha, Barmer, Sriganganagar, Deesa and Adampur, the release said.

The trading unit of the Guar Seed and Guar Gum is 1 mt (tonne) each and price quote for the contracts is ex-warehouse Jodhpur, inclusive of sales tax and value added tax (VAT), MCX said.

These are compulsory delivery contracts with Staggered Delivery Tender Period for the last 15 days.

‘The physical delivery would be available in multiples of 1 mt for both Guar Seed and Guar Gum,’ the statement said.
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