“These notes are not legal tender as they carry the signature of a retired RBI governor. To be valid, they ought to have carried current RBI chief Raghuram Rajan’s signature. However, they can be exchanged at any commercial bank,” said a senior bank official.
Commenting on the issue, RBI explained in an email: “Currency note production is a manufacturing process. Making changes in the process takes time... Changing the governor’s signature on the banknotes is one such process. To complete the process in all the banknote presses for all denominations of banknotes is a programme which is underway and is expected to be completed in due course.”