"The Reserve Bank of India has appealed to members of public not to use banknotes for making garlands, decorating pandals and places of worship or for showering on personalities in social events, etc," an RBI release said on Wednesday. Such actions, it said, deface the currency notes and shorten their life. "...banknotes should be respected as they are a symbol of the Sovereign and public should not misuse them, and help in increasing the life of banknotes," the RBI added. The Central Bank remarked that it is its sincere endeavor to supply clean banknotes across the country, urging the people to help the bank in its efforts and successfully pursue a "clean note policy" for the country. It is to be noted that this is not the first time that the RBI has made such appeal. The Banking Regulation Act, 1949, or under RBI Act, 1934 has no special provision, which can stop people from misusing currency notes. Experts maintain that merely requesting people not to use currency notes for their religious and political functions would not dissuade the people from doing so. They said that the RBI should sit together with the bank and push for amendments in the Banking Regulation Act, 1949, or under RBI Act, 1934 to introduce a provision which should make these acts illegal. The bank should urge government to make laws which could make usage of currency notes for these purposes and offense. It is interesting to note that these practices are not common in Western nations because many of these nations have law in place to prohibit people from using currency notes for these useless practices.
Posted on: Wed, 11 Sep 2013 14:34:14 +0000
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