Legal tech has great potential for India
The evolving landscape of the legal tech industry in India presents myriad opportunities for lawyers to expand their expertise, says Monica Mallela.
Recently, banknotes with a Star (*) symbol present on the number panel have been the subject of animated discussion with apprehension over their validity. There were many misleading posts on social media claiming that such banknotes are counterfeit.
Taking cognisance of these posts, the Reserve Bank of India (RBI) on Thursday clarified that the banknotes with a star symbol are legit and are used to represent banknotes which are replacements for defectively printed ones in a packet of 100 pieces of serially numbered banknotes.
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“A banknote with a Star (*) symbol is identical to any other legal banknote, except that in the number panel, a Star (*) symbol is added between the prefix and the serial number. The Star (*) symbol is an identifier that it is a replaced/reprinted banknote,” RBI said in a statement.
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When did the Star series come into place?
It is to be noted that fresh banknotes issued by RBI till August 2006 were serially numbered. Each of these banknotes bears a distinctive serial number along with a prefix consisting of numerals and letter/s.
The Bank adopted the star series numbering system for replacement of defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefixes.
The star mark was there in banknotes of Rs 10, 20, 50, and 100 denominations that have been in circulation since 2006.
Further, the apex bank introduced the star mark in new Rs 500 denomination banknotes too back in December 2016, when this new currency was rolled out.
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