RBI to issue star series notes

Jammu, Oct 5 (UNI) The Reserve Bank of India will soon issue star series bank notes, beginning with the Rs 10, Rs 20 and Rs 50 denominations in the Mahatma Gandhi Series-2005, an official statement said here today.

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

Consequently, some fresh bank note packets issued by the RBI may contain 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 bank notes in the packets.

The RBI, it said, has clarified that the star series bank notes will be legal tender and members of public may freely accept and use these banknotes.

The fresh bank note packets issued by the RBI at present are serially numbered from 1 to 100, and each bank note bears a distinctive serial number alongwith a prefix.

Currently, defectively printed bank notes 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 bank notes in the packet.

As part of the ongoing efforts to benchmark its procedures to international best practice, as also, for cost effectiveness and greater operational efficiency at note printing presses, the RBI has adopted the star series numbering system for replacement of defectively printed bank notes, it added.

UNI VJ RA PM1936