Banknotes with a Star (*) symbol have recently become a subject of discussion on social media platforms. The Reserve Bank of India (RBI) issued a press release to clarify that these banknotes, known as the “Star Series” banknotes, are legitimate and have a specific purpose. The Star symbol is added to identify banknotes used as replacements for defectively printed ones in a packet of 100 serially numbered banknotes.
What is the ‘Star Series’ Banknote?
The Star Series banknote is a special category of banknotes issued by the RBI to replace defectively printed banknotes in a packet of 100 serially numbered banknotes. These replacement banknotes are identical to regular legal banknotes, except for the addition of a Star (*) symbol in the number panel.
Identical Yet Distinguishable:
The Star Series banknotes are exactly similar to other legal banknotes in terms of appearance, security features, and value. The only difference lies in the number panel, where a Star (*) symbol is placed 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. Each banknote had a unique serial number and a prefix comprising numerals and letters. These banknotes were issued 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:
- a. Central Board’s Recommendations: The Central Board of RBI, which is the apex decision-making body of the bank, makes recommendations regarding the design, security features, and other aspects of banknotes.
- b. Central Government’s Approval: After considering the recommendations made by the Central Board, 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.