Harish gave a 100 rupee note to a shopkeeper by writing it in a piece of paper but he can't accept. Why?

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Akash Sunil Harode

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Because it is not authorised by Governor of India.
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Because shopkeeper cant reuse it for further transactions as its not issued by RBI. In india only RBI has sole authority to issue the notes and coins except 1 rs coin which finance ministry has started re launching.
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that's because the note is not authorised by RBI
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A note issued by RBI is only considered a currency for transactions in India. Since, it was not issued by the Reserve Bank of India, it cannot be considered a Rupee note for transactions.
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Any piece of paper written with any currency value cannot be accepted. If it happens so, everyone can make a lot of money by writing any given amount on a sheet of paper which would eventually harm the economy of a country. There is a set of procedures followed to mint a coin or a note which makes it...
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Any piece of paper written with any currency value cannot be accepted. If it happens so, everyone can make a lot of money by writing any given amount on a sheet of paper which would eventually harm the economy of a country. There is a set of procedures followed to mint a coin or a note which makes it unique than other papers and it is given a set of value worth exchanging for. And since the paper is not verified by the govt. of India, it cannot be accepted for further transactions. read less
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