July 28, 2023
In a recent announcement, the Reserve Bank of India (RBI) has put an end to the widespread debate surrounding banknotes bearing the (*) symbol. The central bank has reassured citizens that the currency notes featuring the much-debated star mark are indeed legal tenders and not counterfeit, as previously speculated.
The RBI’s clarification sheds light on the purpose of the star symbol, stating that it is used to identify banknotes that have been reprinted or replaced. A note is considered for reprinting or replacement when it is defectively printed within a packet of 100 pieces of serially-numbered banknotes. The introduction of the star mark was initiated as a part of the Annual Policy Statement for 2006-07 and was initially incorporated on Rs 10, Rs 20, and Rs 50 denominations in the Mahatma Gandhi Series-2005. Subsequently, from 2009 onwards, the initiative was extended to include Rs 100 notes as well.
The unique feature of these reprinted or replaced notes lies in the presence of a star (*) mark between the prefix and the serial number. Each banknote is assigned a unique serial number accompanied by a prefix. The star (*) is strategically positioned between the prefix and the serial number, allowing easy identification of the reprinted or replaced notes.
Explaining the process further, the central bank highlighted that they issue fresh notes that are sequentially numbered from 1 to 100. This means that each new packet of banknotes contains a hundred notes with serial numbers ranging from 1 to 100. In case any of these notes are found to be defectively printed, they are replaced by the star series notes. As a result, these reprinted notes retain their authenticity, and citizens can use them for all transactions without any concerns.
The RBI’s move to introduce the star (*) marked banknotes has been a crucial step towards maintaining the integrity of the currency and ensuring that only genuine banknotes circulate in the economy. By implementing this system, the central bank can effectively identify and replace defective notes before they cause any issues for the public.
The RBI further emphasized that these star (*) marked banknotes hold the same value as any other legal banknote and must be accepted by all individuals and businesses for all transactions, without any discrimination.
The central bank’s efforts to clarify the status of the star (*) marked banknotes are expected to instill confidence among the citizens in the country’s currency and strengthen the overall monetary system. The RBI also urged the public to familiarize themselves with the unique features of genuine banknotes to distinguish them from counterfeit notes.
As India continues to advance and evolve, measures such as these reaffirm the RBI’s commitment to ensuring a secure and reliable financial ecosystem for its citizens. The central bank remains vigilant in its efforts to uphold the sanctity of the Indian currency and looks forward to the continued cooperation of the public in achieving this goal.
In conclusion, the star (*) marked banknotes are indeed legal tenders and not fake, as the Reserve Bank of India clarified. Citizens can confidently use these reprinted or replaced notes for all transactions without any hesitation, knowing that they hold the same value as any other legal banknote.
