Recently, social media platforms have been abuzz with discussions about banknotes bearing a Star (*) symbol. The Reserve Bank of India (RBI) issued a press release to shed light on this matter and clarify that these banknotes, known as the “Star Series” banknotes, are legitimate and have a specific purpose. Let’s delve into what the Star Series banknotes are and their significance.
What are Star Series Banknotes?
The Star Series banknotes are a special category of banknotes issued by the RBI. They are introduced to replace defectively printed banknotes in a packet of 100 serially numbered banknotes. In essence, they serve as replacements for flawed notes.
Star Symbol: An Identifier
The Star Series banknotes are almost identical to regular legal banknotes in appearance, security features, and value. The distinguishing feature is the presence of a Star (*) symbol placed in the number panel, between the prefix and the serial number. This Star symbol acts as an identifier, indicating that the banknote is a replacement or reprint.
Serial Numbering of Banknotes until August 2006
Before August 2006, fresh banknotes issued by the RBI were serially numbered, meaning each banknote had a unique serial number and a prefix comprising numerals and letters. These banknotes were distributed in packets containing 100 pieces.
RBI’s Approval Process for Banknote Design
The design, form, and material of banknotes in India are governed by Section 25 of the RBI Act. The responsibility for determining the design elements of banknotes lies with the Central Government. The process involves the following steps:
- Central Board’s Recommendations: The Central Board of RBI, the apex decision-making body of the bank, makes recommendations concerning the design, security features, and other aspects of banknotes.
- Central Government’s Approval: After considering the Central Board’s recommendations, the Central Government approves the final design, form, and material of banknotes. This approval process ensures that the banknotes meet necessary security standards and reflect the country’s aesthetic and cultural elements.
In conclusion, the Star Series banknotes, featuring the Star (*) symbol, are genuine and serve a crucial role in replacing defective banknotes. Their introduction highlights the meticulous process involved in designing and issuing banknotes to ensure their integrity and security in the financial system.
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