Page 9 - BANKING FINANCE FEBRUARY 2016 ONLINE

RBI CORNER
Silver line missing in
Rs.1000 notes; probe
started
A three-member committee is con-
ducting an inquiry into the printing
of a large number of faulty notes of
Rs 1,000 denomination at the Cur-
rency Note Press in Nashik.
It is being discussed that the RBI had
placed an order for 500 million
notes, out of which 300 million were
printed. Among them, one among
three or four notes had the silver line
missing. This was revealed after the
notes were set in circulation.
The Currency Note Press prints notes
of Rs10, Rs100, Rs500 and Rs1,000 de-
nomination, while the paper with se-
curity features on it is taken from the
public sector paper mill of the Security
Printing and Minting Corporation of
India Ltd (SPMCIL) at Hoshangabad,
and some of it is imported.
Even as the number of faulty notes
is projected to be very large, chair-
man and managing director of
SPMCIL MS Rana said, "The RBI has
reported of 190 such notes. We have
set up an inquiry to find out what has
gone wrong."
The RBI reported this fault to the
SPMCIL on information provided to it
by the banks. The SPMCIL then insti-
tuted a three-member inquiry com-
mittee, members of which have vis-
ited the units at Hoshangabad and
Nashik. The committee will submit its
report in the next few days.
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RBI allows banks to sell 'India Gold Coins'
Reserve Bank has permitted banks to
sell India Gold Coins (IGC) with Ashok
Chakra minted by MMTC through their
branches. It has been de-
cided to allow designated
banks to sell the IGCs manu-
factured by MMTC, RBI said
in a notification.
MMTC has clarified that the gold used
for the IGC will be only mobilised do-
mestically under the existing Gold De-
posit Scheme (GDS) and Gold Moneti-
zation Scheme (GMS).
Coins are available in denominations of
5 and 10 grams while a 20 gram bul-
RBI, SEBI to launch awareness campaign on fraudu-
lent companies in Punjab
RBI and SEBI will collaborate with
Punjab Government to launch citizen
awareness campaigns about fraudu-
lent financial companies and also to
train police officials about manage-
ment of economic offences. This was
discussed in detail in State Level Coor- Also, for better coordination between
dination Committee (SLCC) of RBI held
under the chairmanship of Sarvesh
Kaushal, Chief Secretary Punjab. "The
Punjab Protection of Interest of De-
positors (In Financial Establishment)
Bill, 2015" has been passed by the
RBI to issue Rs 10 coins on Ambedkar's 125th birth
anniversary
Reserve Bank of India said it will soon
issue Rs 10 coins to commemorate the
occasion of 125th birth anniversary of
B R Ambedkar.
"The Government of India has minted
Rs 10 coins to commemorate the oc-
casion of 125th birth anniversary of Dr
B R Ambedkar which the Reserve Bank
will shortly put into circulation," the
apex bank said in a notification.
On the design details, the obverse of
lion is also being manufactured by
MMTC.
Under the Gold
Monetisation Scheme
(GMS), 2015, banks will col-
lect gold for up to 15 years
to auction them off or lend
to jewellers from time to
time. Depositors will earn up to 2.50
per cent interest per annum, a rate
lower than bank deposits.
With the objective to bring down physi-
cal buying of gold, the Sovereign Gold
Bonds Scheme was launched that of-
fers 2.75 per cent annual interest rate.
Punjab State Legislative Assembly, said
the Chief Secretary. This is aimed to
safeguard the interests of general
public against frauds by the Financial
Establishments, he said.
RBI, IRDA, NHB, SEBI and the Punjab
Government, the websites of these
agencies have been integrated, he
said. "This will help citizens access all
the relevant financial information on a
single window portal," he added.
the coin will bear the Lion Capitol of
Ashoka Pillar in the centre with the
legend 'Satyamev Jayate' inscribed
below, flanked on the left periphery
with the word 'Bharat' in Devnagri
script. And on the right periphery with
the word 'India' in English and it shall
also bear the Rupee symbol and de-
nominational value '10' in the interna-
tional numerals below the Lion Capitol,
RBI said.
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