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 Money & Banking - RBI & Other Central Banks


Penal action if notes are stapled

Our Bureau

Mumbai , Jan. 8

THE Reserve Bank of India today said it would take penal action against banks or bank branches found issuing or accepting stapled currency notes.

The penal action would be taken under the existing provisions of the Banking Regulation Act, 1949, said a press note from the apex bank. The regulator has also reiterated that stapling of note packets had been totally banned and no bank or bank branch should issue or accept note packets in stapled condition.

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