RBI to issue star series banknotes

Chandigarh, Sept 13 (UNI) The Reserve Bank of India (RBI) will soon issue Star series banknotes. These will be issued to begin with Rs 10, Rs 20 and Rs 50 denominations in the Mahatma Gandhi Series-2005.

RBI's Chandigarh branch Deputy General Manager S S Bedi in a press release issued here today said 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 --(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, he added.

Mr Bedi said the bands of the packets containing the Star series number will clearly indicate the presence of such banknotes in the packets. Fresh note packets with Star series notes will, as usual, have 100 pieces with the Star series notes placed at the bottom of the packet.

He said the Star series banknotes will be legal tender and members of public may freely accept and use these banknotes.

Mr Bedi said the fresh banknotes packets issued by the RBI 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 as the one with defect in order to maintain the sequential numbering of banknotes in the packet. This procedure involves additional time and 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 operational efficiency at note printing presses, the Reserve Bank has adopted the Star series numbering system for replacement of defectively printed banknotes.

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