E-Book on PAN

All about PAN…. Download e-book.

Quoting of PAN has been made mandatory for most of the financial transactions. It is important to understand these provisions especially those pertaining to the procedures for PAN application, documents required for PAN application and transactions for which quoting of PAN is mandatory etc.

The Income Tax Department has issued a booklet on Permanent Account Number (PAN) to answer all the queries.

To download the Book visit

http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/tpi/TPI_PAN-Book.pdf

How to exchange soiled and mutilated notes?

Facilities for Exchange of Soiled and mutilated currency notes

Many a time we are given soiled or mutilated notes when in a hurry which we accept without checking. It becomes a problem as people refuse to accept these notes. The facilities provided to the members of public for exchange of their soiled, mutilated etc. notes are as under.

Soiled Notes

What is a soiled note?

Soiled notes are those which have become dirty and slightly cut. Notes which have numbers on two ends; i.e. notes in the denomination of Rs.10 and above which are in two pieces, are also treated as soiled note. The cut in such notes, should, however, not have passed through the number panels.

What can the public do?

All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.

 

Mutilated Notes

What is a mutilated note?

Mutilated notes are those notes which are in pieces and/or of which the essential portions are missing. Essential portions in a currency note are name of issuing authority, guarantee, promise clause, signature, Ashoka Pillar emblem/portrait of Mahatma Gandhi, water mark.

 

 

 

 

 

What can the public do?

Notes which are in pieces and/or of which the essential portions are missing can also be exchanged. These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form. Refund value of these notes is, however, paid as per RBI (Note Refund) Rules.

http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/NRRE140909.pdf

 
Other facilities for exchange

To suit public convenience, the exchange facility for mutilated notes is also offered through TLR (Triple Lock Receptacle) covers. Members of public can obtain from the Enquiry Counter of the Reserve Bank a TLR cover and put their notes in the cover with particulars, such as, name, address, denominations of notes deposited, etc. filled in the columns provided on the cover, close it and deposit it in a box called Triple Lock Receptacle against issue of a paper token.

This box is kept at the Enquiry counter at each Issue Office of the Reserve Bank. The admissible exchange value of the mutilated notes will be remitted by means of a bank draft or a pay order. Mutilated notes can also be sent to any of the RBI offices by registered/insured post.

Excessively soiled, brittle, burnt notes

Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI. Persons holding such notes may approach the Officer-in-charge of the Claims Section, Issue Department of the Reserve Bank for this purpose.

http://www.rbi.org.in/currency/Exc%20of%20Soiled-Mutilated%20Notes.html

 

 

RBI Directs banks to issue clean notes

Clean Note Policy

Certain branches of banks continue to follow old practices like stapling, writing number of note pieces in loose packets on watermark window of notes disfiguring the watermark impression.

Further, certain bank branches do not sort notes into re-issuable notes and non-issuable notes, and issue soiled notes to public.

Such practices are against the “Clean Note Policy” of Reserve Bank of India.

The RBI has issues a directive on the matter which stipulates that:

a) Banks should do away with stapling of any note packet and instead secure note packets with paper bands,

b) Banks should sort notes into re-issuables and non-issuables, and issue only clean notes to public; and,

c) Banks should forthwith stop writing of any kind on watermark window of bank notes.

For the RBI notification visit......

http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/CCN140513P.pdf