Shaktikanta Das, RBI Governor
Shaktikanta Das, RBI Governor

Everyone has 500 rupee note. But whether that note is worth running in the market or not is the big question. This is because after demonetisation, many types of news are coming out about fake currency and notes.

In view of this, the Reserve Bank of India has issued a statement regarding the 500 rupee note. RBI has asked banks to test their note sorting machines for accuracy and stability every three months. Make sure that the printed notes are as per the prescribed parameters or not.

RBI has set 11 standards for the correct condition of the notes. Also, banks have been instructed to use note fit sorting machines instead of note sorting machines. RBI said in its circular that a fit note is one which is genuine, clean so that its value can be easily ascertained and which is suitable for recycling. An unfit note is one that is not suitable for recycling due to its physical condition. There are many unfit note chains which have been phase-wise eliminated by the Reserve Bank of India. PLC/GT

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