RBI reviews FEMA to boost cross-border INR transactions
The Reserve Bank of India, in collaboration with the central government, has reviewed current regulations under the Foreign Exchange Management Act, 1999.
Amid speculations at emergence of bank notes having a star (*) symbol in the number panel, the Reserve Bank of India (RBI) on Thursday clarified that these are the same as any other legal tender, with the only difference being that in the number panel, a star symbol is added between the prefix and the serial number.
The Central bank, in a statement, said that the star symbol is an identification mark denoting that it is a replaced or reprinted banknote.
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The RBI had to come up with the clarification amid intense speculation over such notes, especially with pictures of currency notes having a star sign in the number panel circulating on social media platforms since the past few days.
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The RBI adopted the star series numbering system for replacement of defectively printed notes in a packet of 100 pieces of serially numbered banknotes, the statement said.
The star symbol is inserted in the number panel of a banknote that is used as a replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered currency notes, the central bank added.
According to the RBI frequently asked questions, fresh banknotes issued by the Reserve Bank of India till August 2006 were serially numbered. Each of these notes have a distinctive serial number along with a prefix consisting of numerals and letters. The banknotes are issued in packets of 100 pieces.
The star series are similar to the other notes but have an additional character, a star, in the number panel in the space between the prefix and the serial number.
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