Saturday, April 17, 2010

[ZESTCaste] RBI against using garlands made of currency notes: Centre

RBI against using garlands made of currency notes: Centre

Press Trust of India Posted online: Saturday , Apr 17, 2010 at 0358 hrs
New delhi : In the backdrop of the controversy generated over
garlanding Chief Minister Mayawati with currency notes of Rs 1,000
that is estimated to be worth between Rs 21 lakh and Rs 15 crore, the
Centre on Friday told the Lok Sabha that the Reserve Bank of India
(RBI) has advised people not to use garlands of currency notes to
honour personalities, though there is nothing in law to prevent such
"The RBI has made an appeal to the members of the public not to use
currency notes for making garlands, decorative pandals and places of
worship or for showering on personalities in social events," Minister
of State for Finance Namo Narain Meena said in a written reply.

The Minister, however, added that the current laws do not have
provisions to prevent such misuse of currency notes.

"The RBI has informed that there is no specific provision under the
Banking Regulation Act, 1949, or under RBI Act, 1934 to check/prevent
such misuse of currency notes," Meena said.

The issue of honouring Mayawati with a huge garland of currency notes had

earlier disrupted the Lok Sabha proceedings with members of the
Samajwadi Party demanding a probe into the matter.

The Income Tax department had already stepped in to investigate the
source of the money for the garland presented to Mayawati at the
party's 'maha rally' in Lucknow last month.


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