Reserve Bank of India to issue Star series banknotes

New Delhi, Sep 8 (UNI) The Reserve Bank of India (RBI) today said it will soon issue Star series banknotes of Rs 10, Rs 20 and Rs 50 denominations in the Mahatma Gandhi Series - 2005.

The Star series banknotes will look exactly like the existing banknotes of Rs 10, Rs 20 and Rs 50 but will have an additional character of a '*' (star) in the number panel between the prefix and the serial number.

Consequently, some fresh banknote packets issued by the Reserve Bank may contain some notes having a * (star) in the number panel in the space between the prefix and the number. The bands of the packets containing the Star series number will clearly indicate the presence of such banknotes in the packets.

The fresh banknote packets issued by the Reserve Bank of India at present are serially numbered from one to 100. Each banknote bears a distinctive serial number along with a prefix. Currently defectively printed banknotes in any packet are replaced at the note printing presses with a good note bearing the same number, in order to maintain the sequential numbering of banknotes in the packet. This procedure involves additional time/cost and manual intervention.

As part of the ongoing efforts to benchmark its procedures to international best practices, as also, for cost effectiveness and greater opertional efficiency at note printing presses, RBI has adopted the Star series numbering system for replacement of defectively printed banknotes.

This was announced in April this year, in the Annual Policy Statement for 2006-07.

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