Currency garlands banned
Posted on: 12/Sep/2013 12:31:38 PM
Many have been misusing banknotes by making garlands out of it, decorating pandals and places of worship or for showering on personalities at social events. The Reserve Bank of India has stringently warned that 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 said it has been taking all measures to supply clean banknotes across the country and has urged the members of the public to contribute to its efforts in pursuing a ‘clean note policy’ for the country.
The RBI had issued such advisories several times in the past, but to no avail. Under the statutes there is no provision under to check or prevent such misuse of currency notes.
Experts said RBI could only appeal, as there is no specific provision under the Banking Regulation Act, 1949, or under the RBI Act, 1934, to check such misuse of notes.
