World of Coins

Adjacent hobbies => Collecting banknotes => Indian subcontinent => Topic started by: Bimat on November 10, 2016, 07:55:33 AM

Title: India: New Series of Banknotes Soon
Post by: Bimat on November 10, 2016, 07:55:33 AM
Economic affairs secretary Shaktikanta Das just announced that banknotes of all denominations (₹10, ₹20, ₹50, ₹100 and ₹1000, along with recently introduced ₹500 and ₹2000) with improved features, design and dimensions will be introduced soon. Apart from old ₹500 and ₹1000, banknotes of all other denominations will continue to remain legal tender.

I'm not sure if ₹1 and ₹5 banknotes are also getting redesigned.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 10, 2016, 09:48:53 AM
Interesting. Maybe they will stop the Rs 1 and Rs 5 notes.
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 10, 2016, 09:49:54 AM
I'm now convinced that unearthing black money was never a chief aim of this decision. Preventing counterfeit currency is the aim.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 10, 2016, 10:21:23 AM
I'm now convinced that unearthing black money was never a chief aim of this decision. Preventing counterfeit currency is the aim.

Aditya

Interesting theory.
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 10, 2016, 10:29:24 AM
They would have never introduced a ₹2000 banknote if curbing out black money was the aim. Advantage of doing publicity with 'black money' tag is that it increases the impact of the decision. ;)

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: asm on November 10, 2016, 11:37:33 AM
I'm now convinced that unearthing black money was never a chief aim of this decision. Preventing counterfeit currency is the aim.
I disagree. This move had multiple aims - remove counterfeit notes from circulation, remove unaccounted for money in hands of a few which would (in my guess be over 10 to 15% of all money in circulation), prevent further counterfeiting (there are rumours that a large amount of currency printing paper - far more than their needs, had been purchased by our neighbours which would by now have been printed) for atleast some more time to come, prevent use of these large amounts of cash during the up coming state elections...... and with the money that is not exchanged, the RBI will have enough surplus to pay the government for the extra funds required for arms purchases and some social service schemes without increasing deficit................... 

Did any one read how the secrecy was maintained? A note circulated prior to the cabinet meet had required that all ministers who attended a cabinet meet would have to leave their cell phones out - and after the meet, no minister was permitted to leave the place till the PM made the official announcement. This ensured perfect secrecy - unheard of in Indian politics. The meet was officially called to discuss about the PM's visit to Japan (which started today). The TV channels - who excel themselves in claiming to "break" news were broke as they had been predicting the PM's address to the nation would be on the border & Kashmir troubles........

Amit
Title: Re: India: New Series of Banknotes Soon
Post by: asm on November 10, 2016, 11:43:28 AM
They would have never introduced a ₹2000 banknote if curbing out black money was the aim.
I disagree ..... the Rs. 2000 were introduced to speed up the replacement. since almost 85% of all notes in circulation were the 500's and 1000's, it would need a huge number of 100's to replace them. My thinking is that once the work is done, the banks may be quitely persuaded to withdraw the 2000's from circulation........... leaving only very few notes in circulation.

BTW, it appears that all the 10's & 20's that were not accepted by the public in general when they withdrew money from the banks are now out again.......... All banks seem to be paying out these notes here (in Ahmedabad). The news is that the 100's & 500 have been stacked up for ATM's and will come out only tomorrow. A few 2000's have been seen today.

Amit
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 10, 2016, 03:35:50 PM
I'm informed that no redesign of ₹1 and ₹5 notes is planned.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 10, 2016, 04:46:55 PM
If the intent of Rs 2000 note was to fool horders into believing that higher denomination notes will not be demonetised ....

Or 2000 denomination will be abolished

Hard to believe
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 10, 2016, 04:52:12 PM
Government will be spending over 20,000 crore rupees on introduction of these two new notes in next few months (think of production cost + logistical expenses etc). If they withdraw the ₹2000 note, then there's nothing more foolish than this.

Also, black money hoarders will be smarter this time. They will not hoard banknotes anymore. I can think of skyrocketing gold prices in next few months (the process has already begun).

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 10, 2016, 04:55:59 PM
Hoarding gold does not help... People already hoard

But converting to cash before distribution or distributing gold is hard and not practical
Title: Re: India: New Series of Banknotes Soon
Post by: Enlil on November 11, 2016, 01:21:57 AM
Hoarding gold does not help... People already hoard

But converting to cash before distribution or distributing gold is hard and not practical

There are other currencies that can be purchased, and not at the bank either.
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 11, 2016, 11:50:37 AM
It is now said that the new ₹1000 banknote may feature Dr. Ambedkar. Many BJP leaders are putting pressure for this move as UP elections are near and putting Ambedkar's portrait on banknote will polarize Dalit votes towards BJP; which otherwise are mostly attracted by BSP (a regional party).

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 11, 2016, 11:59:20 AM
It is now said that the new ₹1000 banknote may feature Dr. Ambedkar. Many BJP leaders are putting pressure for this move as UP elections are near and putting Ambedkar's portrait on banknote will polarize Dalit votes towards BJP; which otherwise are mostly attracted by BSP (a regional party).

Aditya

There was a similar rumour that Rs 2000 notes will have Sardar Patel. I am not sure if we will have Dr Ambedkar. It may open up can of worms.
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 12, 2016, 09:19:24 AM
Did any one read how the secrecy was maintained? A note circulated prior to the cabinet meet had required that all ministers who attended a cabinet meet would have to leave their cell phones out - and after the meet, no minister was permitted to leave the place till the PM made the official announcement. This ensured perfect secrecy - unheard of in Indian politics. The meet was officially called to discuss about the PM's visit to Japan (which started today). The TV channels - who excel themselves in claiming to "break" news were broke as they had been predicting the PM's address to the nation would be on the border & Kashmir troubles........

Not quite so (https://www.thequint.com/business/2016/11/11/before-pms-announcement-rumours-of-demonetisation-abounded)... :o

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: asm on November 12, 2016, 09:38:47 AM
It is now said that the new ₹1000 banknote may feature Dr. Ambedkar. Many BJP leaders are putting pressure for this move as UP elections are near and putting Ambedkar's portrait on banknote will polarize Dalit votes towards BJP; which otherwise are mostly attracted by BSP (a regional party).
From what the government says, the 1000 noes will take some time coming. SO UP elections would not be the cause even if Dr Ambedkar does in fact make an appearance.

Amit
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 12, 2016, 11:48:32 AM
Economic affairs secretary Shaktikanta Das just announced that banknotes of all denominations (₹10, ₹20, ₹50, ₹100 and ₹1000, along with recently introduced ₹500 and ₹2000) with improved features, design and dimensions will be introduced soon. Apart from old ₹500 and ₹1000, banknotes of all other denominations will continue to remain legal tender.

I'm not sure if ₹1 and ₹5 banknotes are also getting redesigned.

Aditya

The Rs 2000 note is slightly bigger than the Rs 20 note. So looks like size reduction across the board
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 12, 2016, 02:29:02 PM
From what the government says, the 1000 noes will take some time coming. SO UP elections would not be the cause even if Dr Ambedkar does in fact make an appearance.

I too think that Ambedkar will not be featured on any of the denominations. Gandhi will continue to enjoy that position. :D

The design of ₹1000 note is not even ready. It will take 6 to 8 months, or even more, to get them in circulation.

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 17, 2016, 09:52:46 AM
Finance Minister just said that they do not have any plans to re-introduce ₹1000 banknotes. Huh? Economic affairs secretary Shaktikanta Das on November 10 had annoucned that this note will be re-introduced with a redesign. Do these guys even know what exactly is happening? ???

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 17, 2016, 11:22:48 AM
Finance Minister just said that they do not have any plans to re-introduce ₹1000 banknotes. Huh? Economic affairs secretary Shaktikanta Das on November 10 had annoucned that this note will be re-introduced with a redesign. Do these guys even know what exactly is happening? ???

Aditya

Strange. Looks like all round confusion as to what exactly will happen. Now that Finance Minister has made this statement, the rumor mill of withdrawing the Rs 2000 note in near future will start again  >:D
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 17, 2016, 11:57:08 AM
Now that Finance Minister has made this statement, the rumor mill of withdrawing the Rs 2000 note in near future will start again  >:D

Many people actually believe that this is going to happen. >:D Many office colleagues were trying to convince me that these ₹2000 banknotes will be withdrawn in 2018. :D

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: asm on November 17, 2016, 12:16:53 PM
Many people actually believe that this is going to happen. >:D Many office colleagues were trying to convince me that these ₹2000 banknotes will be withdrawn in 2018. :D

Well, I am no fortune teller but, my mind says that this will be the case.

Amit

PS: talking of fortune tellers - why in a nation with millions of fortune tellers could no one predict this withdrawals? Could have saved the politicians billions of really HARD EARNED cash.
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 17, 2016, 01:17:25 PM
Many people actually believe that this is going to happen. >:D Many office colleagues were trying to convince me that these ₹2000 banknotes will be withdrawn in 2018. :D

Aditya

Did they also tell you that this is the reason the size of the notes is small ... less wastage when withdrawn  ;D
And now we know why the colour of the notes fade. If someone hoards this long enough it will turn into plain paper. It will retain its colour only if it keeps getting circulated.  :D. That is the secret that no one knows  >:D
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on November 17, 2016, 01:18:43 PM

PS: talking of fortune tellers - why in a nation with millions of fortune tellers could no one predict this withdrawals? Could have saved the politicians billions of really HARD EARNED cash.

aah ... maybe they were offered the OHD for making the prediction and hence they were not interested in predicting ...  8)
Title: India: New Series of Banknotes Soon
Post by: Bimat on November 18, 2016, 07:56:01 AM
Just saw the new ₹500 banknote for the first time. My impression is that its quality is much better than that of ₹2000 note. I guess it's thicker than the ₹2000 banknote!

By the same logic, a polymer ₹10 banknote makes sense now. ;D

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 01, 2016, 04:04:47 PM
First look of new ₹1000 notes.

Aditya

Edit: I'm told that this could be photoshoped. We'll wait until it's confirmed.
Title: Re: India: New Series of Banknotes Soon
Post by: asm on December 02, 2016, 02:01:18 AM
Just saw the new ₹500 banknote for the first time. My impression is that its quality is much better than that of ₹2000 note. I guess it's thicker than the ₹2000 banknote!

First look of new ₹1000 notes.

I have serious doubts that the 1000 will be issued. In fact, my reading is that the 2000 will also soon be removed from circulation (not demonetised - but banks may be asked not to put them into re-circulation). In fact, I believe that we may not see even the 500 in a few years but a 200 may be used to replace them.
I am basing this calculation from the fact that the PM is squeezing the money supply. Having known him as the CM of Gujarat for 15 years before he went to the center, I am sure he will throttle the cash supply to get people to switch to digital payments (remember he was the first and till now the only CM who had the guts to stop the free supply of power to the farmers - in spite strong advice from the then PM Vajpayee against that move).
He nor his advisers were stupid enough not to have guessed the problems that would be faced if sufficient replacement currency was not available but, I believe that it was a deliberate and calculated move to reduce cash in circulation. Consider the fact that till now banks have re-issued only about 20 / 25% of what has been sucked out of the system. May be another 15% or so may be added in the coming days.......... That will have effectively removed 50% of the liquidity in the market (in terms of larger denomination notes) and about 10 - 15% will never be deposited in the banks - effectively leaving only 30% - 35% of the original amount as liquidity - mostly in 50 & 100 notes which people will find uncomfortable in carrying in their wallets .......

Amit
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 02, 2016, 04:11:04 AM
First look of new ₹1000 notes.

Aditya

Edit: I'm told that this could be photoshoped. We'll wait until it's confirmed.

This is 100% photoshoped image. It has clear give away. The easiest is bleed lines. It can't have same 7 bleed lines as on Rs 2000 note. It has to be 6 bleed lines similar to current Rs 1000 note.
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 02, 2016, 04:15:29 AM
I have serious doubts that the 1000 will be issued. In fact, my reading is that the 2000 will also soon be removed from circulation (not demonetised - but banks may be asked not to put them into re-circulation). In fact, I believe that we may not see even the 500 in a few years but a 200 may be used to replace them.
I am basing this calculation from the fact that the PM is squeezing the money supply. Having known him as the CM of Gujarat for 15 years before he went to the center, I am sure he will throttle the cash supply to get people to switch to digital payments (remember he was the first and till now the only CM who had the guts to stop the free supply of power to the farmers - in spite strong advice from the then PM Vajpayee against that move).
He nor his advisers were stupid enough not to have guessed the problems that would be faced if sufficient replacement currency was not available but, I believe that it was a deliberate and calculated move to reduce cash in circulation. Consider the fact that till now banks have re-issued only about 20 / 25% of what has been sucked out of the system. May be another 15% or so may be added in the coming days.......... That will have effectively removed 50% of the liquidity in the market (in terms of larger denomination notes) and about 10 - 15% will never be deposited in the banks - effectively leaving only 30% - 35% of the original amount as liquidity - mostly in 50 & 100 notes which people will find uncomfortable in carrying in their wallets .......

Amit

Even I think it may be a move to squeeze cash out. I think it has to be done in right way. To hard and people will simple find alternatives like Foreign Currency, Gold, Silver or Some other innovative way. So slow and it does not bring in the desired effect. In fact, the Govt should spend more and print almost unlimited amount of Rs 100 notes so that there is no real cash crunch ... only inconvenience of carry cash.
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 06:32:18 AM
Russians feel note ban pinch, but Germans see biz opportunity in demonetisation

Archis Mohan    |  New Delhi
December 7, 2016   Last Updated at 09:54 IST

The Narendra Modi government's note ban has impacted diplomats and the functioning of embassies, but not everybody is complaining.

Russian Ambassador to New Delhi Alexander Kadakin lodged a strong protest with South Block about the cash crunch that his mission has faced since November 9. Several others have either not been as vocal, or like the Germans, are looking at the business opportunities the move would offer their companies.

Munich-based Giesecke and Devrient (G&D), for example, supplies security features to the Reserve Bank of India (RBI) for currency notes, and machines to bank branches across the country to detect counterfeits.

On Tuesday, Germany's Parliamentary State Secretary (equivalent to minister of state) for Economics and Energy Uwe Beckmeyer met senior finance ministry officials, Economic Affairs Secretary Shaktikanta Das, and was also slated to meet National Security Advisor Ajit Kumar Doval.

When asked how demonetisation was likely to impact Germen investments in India, Beckmeyer said as a German policymaker he should keep away from making any statements about Indian's internal politics. Beckmeyer said he had a meeting with Economic Affairs Secretary Das and was told "that demonetisation is going on quite successfully."

"German companies are also involved in this (demonetisation), including printing bank notes that are hard to counterfeit," the visiting German minister said. He hoped that the note ban would work.

Giesecke and Devrient was set up in India in 2001 after RBI's "clean note policy". According to its website, the company has footprints in India, Bangladesh and Pakistan, too. Its machine portfolio encompasses every stage of the cash cycle, from printing plants to sorting machines. It provides substrates and security features for banknotes.

However, several embassies, particularly those of developing countries, have faced cash problems after demonetisation. Embassies and high commissions of countries with vibrant business relations with India and significant staff strengths have found preferential treatment from private banks, with bank vans visiting the embassy premises to facilitate withdrawal of cash.

The Russians, who rely on State Bank of India, have not been that fortunate, leading their envoy Kadakin to write a strongly worded letter to the MEA. Other Central Asian Republics like Kazakhstan have faced similar problems, while Pakistan's embassy had even threatened to issue notices to Indian officials serving in Islamabad if they weren't allowed to withdraw their salaries in American dollars.

In his letter to MEA, Russian envoy Kadakin has complained this his embassy's normal functioning was getting affected with the "inadequate" amount of weekly limit of Rs 50,000. State Bank of India has told the embassy its cash withdrawal limit was Rs 50,000 a week. This, the bank said, was according to the Government of India directives with no exceptions unless otherwise advised by the Reserve Bank.

A Russian embassy official said they were awaiting for a reply from the MEA and hoped that the issue was resolved quickly. The official warned that Russia would be forced to explore other options, including raising the issue in Moscow by summoning senior Indian embassy officials. Moscow could even retaliate by restricting cash withdrawals for Indian diplomats posted in Russia. The Russian embassy has 200 staffers.

The MEA didn't respond to reports about Russian complaint. The Dean of Diplomatic Corps has also raised the issue, as have Ukraine and Kazakhstan.

Source: Business Standard (http://www.business-standard.com/article/economy-policy/russians-feel-note-ban-pinch-but-germans-see-biz-opportunity-in-demonetisation-116120601126_1.html)
Title: Re: India: New Series of Banknotes Soon
Post by: Figleaf on December 07, 2016, 10:59:41 AM
Seems like the Russians picked up a large load of arrogance somewhere. Does hacking other nation's computers have that effect?

Peter
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 11:22:14 AM
Seems like the Russians picked up a large load of arrogance somewhere. Does hacking other nation's computers have that effect?

Not only Russia, but some other countries have also protested the limits on withdrawal. It's a violation of Vienna Convention (https://en.wikipedia.org/wiki/Vienna_Convention_on_Diplomatic_Relations) according to them.

Aditya

Edit: Some of the foreign media (BBC, The Economist and may be some others), which criticized the demonetization decision was not allowed to participate in today's press conference by RBI...

Also, no rate cut by RBI. Many pundits were predicting 0.25 to 0.50% cut due to excessive liquidity.
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 11:50:04 AM
Interesting statement by RBI during press conference (when asked about when will the withdrawal limits be removed):

"The money is your banks is yours. Yes there are withdrawal restrictions at the moment, but it is unlikely to a permanent feature".

:D

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 07, 2016, 12:17:16 PM
Interesting to see embassies react to this.
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 07, 2016, 12:18:27 PM
Interesting statement by RBI during press conference (when asked about when will the withdrawal limits be removed):

"The money is your banks is yours. Yes there are withdrawal restrictions at the moment, but it is unlikely to a permanent feature".

:D

Aditya

There was other release that mentioned that 4 lacs crores have been withdrawn, so there is no scarcity. Wonder where so much money [almost 30%] has gone.
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 12:25:33 PM
There was other release that mentioned that 4 lacs crores have been withdrawn, so there is no scarcity. Wonder where so much money [almost 30%] has gone.

Apparently, you receive money directly from RBI. :D I am yet to see an ATM in Pune, Navi Mumbai, Thane or Kalyan/Dombivli dispensing cash. Those which are working are giving only 2000 notes, so useless.

In rural areas, the situation is even worse. ATMs have not been working for past one month almost everywhere.

If there was no scarcity, why did RBI impose withdrawal limits? No bank is giving 24k even on counter. Maxmimum 4k.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 07, 2016, 02:19:46 PM
Luckily for me, the SBI ATM is outside my house. Every day around 6.30 cash gets loaded for 4 lacs. Around 200 people with draw. For past few days the time has become erratic.

I work in jungles, SEZ bla, bla... There is HDFC and SBI branch, relatively easy to get cash. Got 40k so far with 3 visit. ;D

But yes, most ATM in the area are closed and still not functional.
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 03:27:33 PM
RBI Ensures Future Rs 50 Notes Will Be Poor on Quality, Security

Chandan Nandy

The extreme shortage of new Rs 500 notes in the wake of the ill-planned demonetisation move has forced a panicky Narendra Modi government and the Reserve Bank of India to turn desperate and issue orders that a new series of Rs 50 notes will be printed without a vital step, making counterfeiting relatively easy.

A 4 December RBI notification, accessed by The Quint, says that “the design and security features of (the proposed new Rs 50) banknotes will be similar to the banknotes of Rs 50 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi series-2005.”

Quantity Over Quality

“Quality is being sacrificed for the sake of quantity,” a senior RBI official said on condition of anonymity. The Quint had earlier reported that the “colour examination” phase was done away with for the new Rs 500 notes at the Nashik and Dewas presses of the Security Printing and Minting Corporation of India Ltd (SPMCIL), leaving the new high-value note also vulnerable to counterfeiting. Millions of defective new Rs 500 notes are now in circulation even as RBI has declared them legal tender.

Printing of banknotes mandates the printing authorities to allow for meeting key requirements, including aesthetics, counterfeit prevention, machine readability, physical durability and public acceptance. Intaglio printing lends banknotes its exclusive character, strong colours, striking portraits, ornamental designs and relief-style embossing.

Intaglio’s Crucial Contribution

Embedded security features for human detection as well as functional areas for machine readability reinforce the crucial contribution that intaglio printing makes to banknotes. The front portion of all Indian currency notes are produced using intaglio printing.

In the intaglio printing phase, the words RESERVE BANK OF INDIA in English and Hindi is printed, MK Gandhi’s image is embossed, the “I promise to pay the bearer the sum (of ten, fifty, hundred, five-hundred and two-thousand) is printed in English and Hindi, the RBI governor’s signature is inlaid and the value of the currency note is printed in 15 vernacular languages.

Inset Letter Printing Done Away With

Not just removal of intaglio printing, the RBI notification has also effectively done away with printing the proposed new Rs 50 notes (which will be printed “shortly”) with “inset letters”, which are not noticeable to the naked eye but can be seen against the light. These letters, such as A, B, C, D and E, are inset printed just below the serial number at the right-hand corner on the front portion of currency notes.

The serial numbers are codes which indicate the printing presses in which each of the currency notes were printed. For instance, some of the new Rs 500 notes – even the hundreds of thousands of defective ones which were printed at the SPMCIL presses – carry an ‘E’ below the alpha-numeric serial number, indicating that they were printed at the Dewas Bank Note Press.

Dependence on Foreign Security Ink

Knowledgeable RBI sources revealed to The Quint that while 70 percent of India’s security paper for printing currency notes is imported from some European firms – with the remainder met by local production at the Hoshangabad Printing Mill (Madhya Pradesh) – the government is entirely reliant on import of Optically Variable Ink (OVI) and the security threads for all currency notes.

Surprisingly, research and development efforts of SPMCIL as well as Reserve Bank Note Mudran Private Ltd (BRBNMPL) have not focussed on indigenous production of OVI for which the RBI relies on a Swiss company, Lausanne-based SICPA, from which the important ink is purchased at an astronomical price of Rs 2 lakh per kilogram.

Yearly Order for OVI

“The total order per year for OVI stands at 2,000 kgs. This amounts to an annual expenditure of Rs 40 crore on OVI alone,” a senior SPMCIL official said, adding that “for the new currency notes being printed at the Dewas BNP alone, the requirement is 100 metric tonnes per year.” This essentially means that in the face of severe “shortage of capacity”, SICPA enjoys total monopoly as far as the “Indian market” is concerned. According to an SPMCIL document, the corporation has the capacity to produce only 490 metric tonnes of inks other than the all-important OVI.

The entire printing procedure involves huge wastage of security inks, including OVI, the sources said. While printing a single currency note, only 10-12 percent of OVI is actually utilised, with the rest “getting floored out”.

Reliance on De La Rue

Like OVI, India is fully dependent on British company De La Rue – once blacklisted for compromising Indian currency note security features to the Pakistani Inter-Services Intelligence (ISI) – for the supply of security threads (measuring between 1.44 mm to 3 mm) for all currency denominations. This, even after the patents De La Rue held on security threads expired in January 2015.

Indian banknote production, which was, astonishingly, outsourced to Thomas De La Rue (1,363 million pieces of Rs 100 denomination), Giesecke and Devrient Consortium (Germany, 1,600 million pieces of Rs 500 notes) and the American Banknote Company (635 million pieces) between 1996-98, has made some efforts towards indigenisation. But these efforts are far below the proposed objective to fully indigenise high-value currency production, especially because of India’s dependence on OVI and security threads.

Source: The Quint (https://www.thequint.com/currency-ban/2016/12/07/rbi-ensures-future-rs-50-notes-will-be-poor-on-quality-security-demonetisation-note-ban-rs-500-note-rbi)
Title: Re: India: New Series of Banknotes Soon
Post by: quaziright on December 07, 2016, 03:32:17 PM
...

Edit: Some of the foreign media (BBC, The Economist and may be some others), which criticized the demonetization decision was not allowed to participate in today's press conference by RBI...

...

It seems to me this is a sign of a vibrant democracy. Trump has already taken a leaf out of this playbook. On a side note, my friend who is currently in india forwarded me a gif of a monkey trying to get to a banana behind a windshield. The meme read "this is how i feel on pay day" . I'm assuming many people feel like that ;-)
Title: Re: India: New Series of Banknotes Soon
Post by: Saikat on December 07, 2016, 03:34:49 PM
I went to the bank last weekend and received....a bundle of 1000 number of 10 rupees note! All soiled and hard to dispose off.
Saikat
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 03:35:59 PM
I went to the bank last weekend and received....a bundle of 1000 number of 10 rupees note! All soiled and hard to dispose off.
Saikat

Be very careful with soiled notes. They can cause illness... ::)

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 07, 2016, 03:41:12 PM
It seems to me this is a sign of a vibrant democracy. Trump has already taken a leaf out of this playbook. On a side note, my friend who is currently in india forwarded me a gif of a monkey trying to get to a banana behind a windshield. The meme read "this is how i feel on pay day" . I'm assuming many people feel like that ;-)

 :D

How to check whether an ATM is working or not?

- If there's a long queue outside the ATM, you can safely assume that it is dispensing ₹100 and ₹500 notes;

- If there are few people outside it, it's dispensing only ₹2000 note;

- If there's no queue, there's no cash in the ATM. (Most common picture these days)

Last Wednesday (pay day), I saw some 50 odd people standing outside nearby ATM at 7 in the morning. The ATM was CLOSED. They were just hoping that bank will fill the ATM with money at least today...

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 08, 2016, 05:08:07 AM
Deputy Governor of RBI yesterday told reporters that they don't have plans to issue new ₹1000 notes right now, but he did mention that they will be printed in future if required.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on December 08, 2016, 06:46:14 AM
:D

How to check whether an ATM is working or not?

- If there's a long queue outside the ATM, you can safely assume that it is dispensing ₹100 and ₹500 notes;

- If there are few people outside it, it's dispensing only ₹2000 note;

- If there's no queue, there's no cash in the ATM. (Most common picture these days)

Last Wednesday (pay day), I saw some 50 odd people standing outside nearby ATM at 7 in the morning. The ATM was CLOSED. They were just hoping that bank will fill the ATM with money at least today...

Aditya

Even the geeks couldn't crack this mystery. There are several apps that show which ATM has cash via crowd sourcing, however even they have become unpredictable. >:D
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 13, 2016, 07:45:47 AM
The Quint has reported that all the printing presses are now printing ₹500 notes ONLY. No lower (₹10, ₹20, ₹50 and ₹100) denominations are being printed. Printing of ₹2000 notes was also stopped on December 01.

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 13, 2016, 07:49:49 AM
By the way, RBI/finance ministry have also decided that (newly designed) defective ₹500 banknotes (200 million in total) will NOT be put into circulation and they will eventually be destroyed. Printing presses had also produced 700 million ₹500 banknotes of old design just before announcement was made on November 8, so these 700 million banknotes (or a total of 900 million banknotes) will also be destroyed without even being touched! So a loss of few hundred crores to exchequer... ::)

(The link to the story is here (https://www.thequint.com/currency-ban/2016/12/11/cost-of-note-currency-ban-rs-200-crore-in-defective-new-rs-500-notes-for-a-start)).

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 20, 2016, 04:45:43 AM
Swiss notes are landing in Calcutta

Sanjay Mandal

Calcutta, Dec. 19: Demonetisation is bringing boxfuls of notes from Switzerland to Calcutta, but it's not the famed black money from Swiss banks.

Eighteen chartered cargo planes from Zurich have landed in the city in the past two-and-a-half months carrying blank watermarked notes that are being printed at the currency press in Salboni, West Midnapore.

That's 16 to 17 more chartered cargo planes than the airport, serving a business-starved region, usually sees in a year.

Each plane has been bringing 100 tonnes of the notes stashed in 280 wooden boxes, each measuring 0.6 cubic metre, to be driven the 150km to Salboni in five or six trailers.

Sources said two more such chartered flights would arrive on Wednesday and Saturday. They said the notes are manufactured by Landqart AG, a Swiss maker of substrates (material) for banknotes, passports and visa applications.

An official involved in the transfer and handling of the consignments said usually such cargo was brought by ship and received at ports.

"But because of the demonetisation, these blank notes were needed to be brought very fast in large volumes, so chartered flights were the only option," he said.

The arrivals began in end-September, when the government started speeding up printing of banknotes ahead of the recall of the old high-denomination currency.

It couldn't be ascertained how much extra it was costing the Reserve Bank of India to rent Boeing 777s from the Emirates airline to fly the 7,500km from Zurich, a 15-hour flight requiring a refuelling stop in Dubai.

But airport officials here aren't complaining. They have already raised their cargo-handling target for the current financial year to 50,000 tonnes.

The officials explained that although the hike in target from last year wasn't huge, the earnings would be substantially higher. Airports charge more for freight ferried by chartered cargo flights than that brought by passenger flights or ordinary cargo planes.

Officials at the airport's cargo division said the last time they had seen a sizeable number of chartered flights was three to four years ago, when they carried in television set-top boxes from China and Hong Kong. "But the number was nowhere near this time," an official said.

Chartered flights are usually rented if the cargo is confidential or its volume is large. As an industrial backwater, Bengal doesn't attract or generate enough international cargo to make the airport's cargo terminal viable.

On an average month, the airport handles about 4,000 tonnes of cargo - including that from passenger aircraft - while Mumbai handles around 15,000 tonnes, Airports Authority of India officials in Delhi said.

The AAI has offered sops to airlines and companies to attract more cargo to Calcutta but without much success. Recently, it has allowed Calcutta airport to offer special low rates for the handling of Europe-bound cargo from Dhaka, which was earlier sent through other airports.

Calcutta airport mainly receives imports in the form of machinery, laptops, computer parts and mobile phones.

Source: The Telegraph (http://www.telegraphindia.com/1161220/jsp/frontpage/story_125743.jsp#.WFioylN97cs)
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 20, 2016, 04:46:41 AM
Quote
It couldn't be ascertained how much extra it was costing the Reserve Bank of India to rent Boeing 777s from the Emirates airline to fly the 7,500km from Zurich, a 15-hour flight requiring a refuelling stop in Dubai.

I bet it's NOT cheap!!! :o

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on December 20, 2016, 03:33:24 PM
Printing cost of new ₹500 and ₹2000 banknotes is now known: It's ₹3.09 per note for ₹500 note and ₹3.54 per note for ₹2000 banknote. (Source (http://profit.ndtv.com/news/economy/article-revealed-the-cost-of-printing-new-500-2-000-rupee-notes-1640025))

So the printing cost of ₹500 note hasn't changed, though the size has considerably reduced and there are no major additional security features...

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on January 10, 2017, 04:33:48 AM
RBI stance on introduction of new series of notes: ‘A very rare opportunity to tackle fake notes, terrorist financing and black money'

Express News Service | Updated: January 10, 2017 2:11 am

In a 7-page note submitted on December 22 to the Department Related Committee of Finance, the RBI said its Central Board that met on November 8 noted that the proposal to withdraw the legal tender status of high-denomination bank notes could not have come at “a more opportune time”. Edited excerpts:

Preparation

Though no firm decision was taken initially, whether to demonetise the high denomination notes or not, preparations still went on for introduction of new series notes, as that was needed in any case.

Besides, the RBI had earlier in October 7, 2014, suggested to the government the need for introduction of higher denomination notes of Rs 5,000 and Rs 10,000, keeping in view the inflation since the introduction of Rs 1,000 denomination in October 2000 and the need for facilitating payments and managing the currency logistics. The government considered the same, and after deliberations, advised on May 18, 2016, their in-principle decision to introduce notes in a new denomination of Rs 2,000.

Accordingly, the RBI, on May 27, 2016, recommended to the government that new series of notes with new designs, sizes, colours and themes including notes in the new Rs 2,000 denomination be introduced. The government gave its final approval on June 7, 2016, and accordingly, the presses were advised in June 2016 to initiate production of new series notes.

Decision

On November 7, 2016, the government advised the RBI that to mitigate the triple problems of counterfeiting, terrorist financing and black money, the Central Board of the RBI may consider withdrawal of the legal tender status of the notes in high denominations of Rs 500 and Rs 1,000. It was advised in that letter that cash has been a facilitator of black money since transactions made in cash do not leave any audit trail. Elimination of black money will eliminate the long shadow of the ghost economy and will be positive for India’s growth outlook. They also observed that in the last five years, there has been an increase in the circulation of Rs 500 and Rs 1,000 notes with an increasing incidence of counterfeiting of these notes. There have been widespread reports of the usage of the Fake Indian Currency Notes (FICNs) for financing of terrorism and drug financing. The FICNs have their origin in the neighbouring country and pose a grievous threat to the security and integrity of the country.

Hence, the government has recommended that the withdrawal of the legal tender character of these notes is apposite. The government advised the RBI to place these matters of immediacy before the directors of the Central Board of the RBI for consideration in terms of and as per the provisions of Section 26 (2) of the Reserve Bank of India Act, 1934.

The Central Board of the RBI met on November 8, 2016 to consider the government’s advice. The Board noted that a summary measure with high and lasting impact in the form of withdrawal of legal tender character of these high denomination bank notes to contain the menace of counterfeit notes is proposed by the government. It was observed that such a proposal could not have come at a more opportune time than coinciding with the introduction of the MG (New) series of notes: with these, the existing banknotes can be summarily withdrawn, and the new design notes with more counterfeit resistance features be introduced.

It was considered that the action as proposed by government would result in non-availability of these denominations for the public for transaction and store of value purposes; it might not immediately be possible to replace these notes fully in terms of both value and volume on one to one basis, within a specific time. However, the stock of Rs 2,000 denomination were arriving in RBI offices and were being dispatched to currency chests across the country and that could enable meeting a significant critical portion of the physical demand therefrom in value terms. Besides, electronic means of transaction were expected to take another part of the transaction load hitherto met from physical currency. Further, the available stock of other denominations at RBI and currency chests would also help meet demand.

Further, Rs 500 banknotes in MG (New) Series was also being introduced. With these measures in place, it was considered that the transition from old series to new series in the context of withdrawal of legal tender character of Rs 500 and Rs 1,000 could be managed. It was also noted that the implementation phase would be closely monitored and necessary corrective actions could be taken as and when necessary.

After deliberations of the proposed scheme, the Board decided to recommend to Central Government that the legal tender status of the banknotes in the high denominations of Rs 500 and Rs 1,000 be withdrawn as per the Scheme. Government considered the recommendations and decided to withdraw that the legal tender status of the banknotes in the high denominations of Rs 500 and Rs 1,000. The Gazette Notification dated November 8, 2016 contained this decision and the Scheme.

Impact on RBI’s balance sheet

The withdrawal of legal tender status of the Specified Bank Notes (SBN) will be impacting the balance sheet of the RBI in the following ways. To the extent, the SBNs are exchanged with other legal tender notes, there will be no impact on any components of the balance sheet. However, to the extent the SBNs are deposited and value thereof has been credited, the notes in circulation component of the balance sheet will get reduced and the deposits by commercial banks component will get increased by an equal amount. Further, to the extent the SBNs do not get returned to the RBI, there will be no change in the balance sheet, as such notes will still remain the liabilities of the RBI. Thus on net basis, there will be no net impact on the balance sheet of the RBI because of withdrawal of the SBNs.

Rationale

Government of India, on the recommendations of the Central Board of the RBI, withdrew the legal tender status of banknotes of Rs 500 and Rs 1,000 denominations effective midnight of November 8, 2016.

In the last few years, the RBI, in consultation with the Government of India, had been working on introduction of new series of banknotes. It included improving existing security features, introduction of new security features and new design features including new color scheme and new sizes, besides a new theme. Primary objective behind this entire exercise is to secure our banknotes against counterfeiting.

In parallel, Government of India had been taking several steps to curb black money and combat terrorism. There were reports by intelligence and enforcement agencies that availability of high denomination banknotes made it easier for black money hoarders and counterfeited notes in high denominations were being used for terrorist financing.

It occurred to Government of India and the RBI that the introduction of new series of notes could provide a very rare and profound opportunity to tackle all the three problems of counterfeiting, terrorist financing and black money by demonetising the banknotes in high denominations of Rs 500 and Rs 1,000 or by withdrawing legal tender status of such banknotes.

Source: Indian Express (http://indianexpress.com/article/business/economy/rbi-stance-on-introduction-of-new-series-of-notes-a-very-rare-opportunity-to-tackle-fake-notes-terrorist-financing-and-black-money-4467113/)
Title: Re: India: New Series of Banknotes Soon
Post by: Figleaf on January 10, 2017, 06:57:15 PM
Impact on RBI’s balance sheet

Further, to the extent the SBNs do not get returned to the RBI, there will be no change in the balance sheet, as such notes will still remain the liabilities of the RBI.

That's where the operation went wrong. The withdrawn notes should have lost value after the transition period and RBI should have taken them off the balance sheet with a reserve for contingent liabilities in hardship cases. That would have removed all speculation in old notes as the end of the transition period came near. The transition period should have been a short period of no questions asked for normal amounts (normal can easily be defined by a large random check, taking average plus one standard deviation as normal), followed by a long period in which only hardship cases would have been received - with stringent anti-corruption checks. That would squarely have put the burden of proof on those who held the notes and obviated the need of complicated rules. No system is watertight, but simpler systems are always better than complicated systems.

What baffles me is how RBI could have been so confident that it could manage the problem of distributing the new notes while in practice they clearly couldn't. Overconfidence, Murphy's law applied to banknote printing, bad assumptions or calculation error?

Peter
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on January 11, 2017, 05:09:21 AM
That's where the operation went wrong. The withdrawn notes should have lost value after the transition period and RBI should have taken them off the balance sheet with a reserve for contingent liabilities in hardship cases.

I have a slightly different view ... There is time till 31-Mar-2017 to return notes for genuine cases. Untill such point of time, RBI has to carry over the liability.

Even after that from a Sovereign guarantee point of view; it is a liability and has to be carried untill eternity ... The good thing about such a stand if, in future political systems will not abuse such exercise to make a windfall gain.

Generally quite a few notes especially in lower denomination are soiled / torn / lost  during the course of use. However this can be quantified. Establishing a negative is more difficult. i.e. how can you evidence something that is not going to happen.
Last year RBI instructed Banks to withdraw from circulation all notes printed before 2005. In order to ensure compliance, beyond a stipulated time [mid last year?]; anyone carrying more than 4 pcs of older notes need to explain the source. Although no data is available, there would be a good amount that did not make way back to RBI to be destroyed. However it still does not mean RBI can write off that liability.
Title: India: New Series of Banknotes Soon
Post by: Bimat on January 11, 2017, 06:17:15 AM
I have a slightly different view ... There is time till 31-Mar-2017 to return notes for genuine cases. Untill such point of time, RBI has to carry over the liability.

The only genuine reason RBI is accepting is that the person was out of India between November 10-December 30 (you have to prove that). No other reason is even being heard.

And if you think that it's easy to exchange your old notes even if you were abroad between the stated period, it's not so. You have to declare the amount you are holding in old notes in customs declaration, show the notes to the customs' officer, he will get them counted denomination wise and write accordingly in the form. You have to present that form at RBI and RBI will accept only those many notes, not more, not less. ::)

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on April 02, 2017, 07:59:47 AM
Govt plans to change security marks of currency notes every 3-4 years

Last Modified: Sun, Apr 02 2017. 09 54 AM IST

New Delhi: To check counterfeiting, the government plans to change security features of higher denomination banknotes of Rs2,000 and Rs500 every 3-4 years in accordance with global standards.

The move comes in the wake of recovery of a large amount of fake Indian currency notes in last four months after demonetisation. The issue was discussed threadbare at a high-level meeting on Thursday attended by senior officials of the ministries of finance and home, including Union home secretary Rajiv Mehrishi.

Advocating the move, home ministry officials said most of the developed countries change security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy. The change in design of Indian currency notes of higher denominations was long due. Till its demonetisation, there had been no major change in the Rs1,000 note since its introduction in 2000.

Changes in the old Rs500 note, which was launched in 1987, were carried out more than a decade ago. The newly introduced notes had no additional security features and were similar to those in the old Rs1,000 and Rs500 notes, officials said.

A close look by the investigators on some of the recently seized fake notes found that at least 11 of the 17 security features in the new Rs2,000 notes had been replicated. These included the transparent area, watermark, Ashoka Pillar emblem, the letters ‘Rs2000’ on the left, the guarantee clause with the Reserve Bank of India (RBI) governor’s signature and the denomination number in Devanagari on the front, officials said.

Besides, the motif of ‘Chandrayaan’, the ‘Swachh Bharat’ logo and the year of printing had been copied on the reverse side. Although the print and paper quality of the seized counterfeits was poor, they resembled genuine notes.

The officials said the change of security features of currency notes in every 3-4 years will lead to curbing of counterfeiting to a great extent. Those who were arrested recently along with fake notes with face value of Rs2,000 have told investigators that the notes were printed in Pakistan with the help of the Inter Services Intelligence (ISI) and had been smuggled into the country through Bangladesh, the officials claimed.

A study conducted by the Indian Statistical Institute, Kolkata, in 2016 pegged the value of fake Indian currency notes in circulation at Rs400 crore.

Source: Live Mint (http://www.livemint.com/Politics/SIJV4rlGDKK1Y1LY61b7gK/Govt-plans-to-change-security-marks-of-currency-notes-every.html)
Title: India: New Series of Banknotes Soon
Post by: Bimat on August 02, 2017, 07:01:35 AM
The new ₹50 note has got the blues

MAMUNI DAS

NEW DELHI, AUGUST 1:

India is set to get its first blue-coloured ₹50 notes, after its first pink ₹2,000 notes last year, and the stone-grey ₹500 currency notes introduced in 2016.

The freshly designed ₹50 notes will be bear a sketch of Mahatma Gandhi in blackish grey colour tone.

Also, the new ₹50 note will sport the motif of a South Indian temple on the reverse, said a government official privy to the information.

In December 2016, the RBI had stated that it would shortly issue new ₹20 and ₹50 bank notes; the existing ₹50 and ₹20 notes will continue to be legal tenders.

Currency notes are designed in different colours so that even people who are not literate can distinguish them. The symbols carried on the reverse of the notes draw inspiration from culture, and from heritage sites, or are chosen to represent India’s scientific prowess or the march of technology.

For instance, the ₹2,000 note introduced in 2016 depicted the Mangalyaan, the country’s first venture in inter-planetary Mars orbiting mission. And the latest ₹500 notes had the motif of the Delhi-based Red Fort. The new features of these notes included numerals in Devnagari script and Mahatma Gandhi’s round-rimmed glasses, on which the logo of the Swachh Bharat campaign is based.

The ₹50 notes currently in circulation are pink-violet in colour and sport the Parliament building on the reverse. The new notes have already reached some RBI chests for distribution.

Drawing inspiration

While earlier note designs largely drew from historical milestones and personalities, currency designing now around the world increasingly draws from contemporary achievements. Just as India’s ₹2,000 note featured the Mangalyaan launched in 2013, the South Pacific archipelago of Fiji celebrated its sporting success. In April 2017, the Reserve Bank of Fiji stamped the gold medal victory of Fiji rugby sevens team at the Rio Olympics in its $7 banknote and 50-cent coin.

As multiple digital payment mechanisms become available, the role that currency notes will play in our daily lives need to be evaluated.

“The future of cash remains unknown but central banks from all corners of the globe report that cash remains king as a preferred retail payment method,” according to a survey by Currencyresearch, a global consulting firm.

“Today, 85 per cent of worldwide consumer spending is done in cash despite many forecasting the demise of this resilient product,” it added.

Source: The Hindu Business Line (http://www.thehindubusinessline.com/money-and-banking/the-new-50-note-has-got-the-blues/article9797442.ece)
Title: Re: India: New Series of Banknotes Soon
Post by: vaibhavdata on August 17, 2017, 09:37:38 PM
photos of the new Rs 50 are surfacing in social media.. doesnt seems to be fake at all...
Wat r ur views on the same?
Title: Re: India: New Series of Banknotes Soon
Post by: vaibhavdata on August 17, 2017, 09:39:15 PM
One more photo
Title: India: New Series of Banknotes Soon
Post by: Bimat on August 18, 2017, 05:08:56 AM
Received similar photos on WhatsApp just yesterday, from a friend who works at a bank. Expect them to be issued pretty soon.

Don't like the color at all... ;)

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: Jostein on August 18, 2017, 11:47:03 AM
Received similar photos on WhatsApp just yesterday, from a friend who works at a bank. Expect them to be issued pretty soon.

Don't like the color at all... ;)

Aditya

I agree, is more cian/turquoise than blue...thats remind me to the last spanish pesetas series, banknotes with just one or two colour tones..., I preffer more colorfull banknotes as the new series of Madagascar
Title: India: New Series of Banknotes Soon
Post by: Bimat on August 18, 2017, 11:57:17 AM
I agree, is more cian/turquoise than blue...thats remind me to the last spanish pesetas series, banknotes with just one or two colour tones..., I preffer more colorfull banknotes as the new series of Madagascar

More importantly, banknotes of the new series do not have any additional security features. They all are same as current series! ::)

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on August 19, 2017, 09:31:25 AM
It's (finally!) official:

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=41412

Aditya
Title: India: New Series of Banknotes Soon
Post by: Bimat on October 04, 2017, 06:14:15 AM
A new, modified ₹100 banknote is expected to be released in April 2018. Size of the new note will be kept same as current note so that ATMs do not need re-calibration again.

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on October 04, 2017, 06:10:17 PM
Disappointed with size. It was a good opportunity to align size. All new notes are of same height.
Title: India: New Series of Banknotes Soon
Post by: Bimat on October 07, 2017, 03:23:47 PM
Disappointed with size. It was a good opportunity to align size. All new notes are of same height.

Aligning sizes means re-calibration of 200,000+ ATMs again, which is a tedious task. Banks are still fighting with RBI for the money they spent on re-calibration last year and asking them to re-caliber all the ATMs again would mean asking for even more tension. ;)

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on October 09, 2017, 05:06:35 AM
Agreed. There is huge logistics and costs. More so as banks would have to grapple with old and new sizes ... the old ones are not going away any time soon. But its a lost opportunity and it maybe quite a few years to get it again.
Title: Re: India: New Series of Banknotes Soon
Post by: Pabitra on January 04, 2018, 05:18:35 AM
New 10 Rupees notes soon

www.livemint.com/Industry/tN53TySPDUEr1j9lwx1F9K/RBI-to-issue-new-Rs-10-notes-in-chocolate-brown-colour.html
Title: India: New Series of Banknotes Soon
Post by: Bimat on January 04, 2018, 05:50:34 AM
Chocolate brown would be too dark for a banknote IMO... ::)

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: dheer on January 05, 2018, 06:00:28 PM
Images
Title: Re: India: New Series of Banknotes Soon
Post by: Pabitra on January 06, 2018, 08:00:47 AM
Chocolate brown would be too dark for a banknote IMO... ::)

So finally, it is "milk" chocolate brown and not "dark" chocolate brown :-)
Title: India: New Series of Banknotes Soon
Post by: Bimat on January 20, 2018, 02:28:49 PM
Bank Note Press employee held, Rs 90 lakh seized

Salil Mekaad | Jan 19, 2018, 17:34 IST

INDORE: An employee of Dewas-based Bank Note Press (BNP) was arrested on Friday for stealing Rs 90 lakh from the highly-secure currency making facility.

Manohar Verma, a senior supervisor, had been stuffing the new currency notes in his shoes and socks, thereby dodging pat down screening process while leaving the facility after work for over three months.

"We have found Rs 90,9300 in Rs 500 and Rs 200 denominations in Verma's possession. He has been arrested and is being interrogated about his modus operandi," Dewas additional superintendent of police Anil Patidar told reporters.

Verma, who joined the BNP in 1984 as a lower division clerk, was posted in the rejected note section as senior supervisor.

Authorities became suspicious of Verma's activities when he was noticed going near the wooden box of rejected cash reserve and then stooping down a table on number of occasions.

His activities were monitored using the CCTVs.

On Friday, the authorities summoned BNP police station in-charge Umrao Singh to search Verma soon after he emerged out of the secured area. The police found Rs 500 currency notes in his shoes, following which he was taken into custody.

Police teams immediately searched his residence in Saket Nagar and found two bags containing fresh currency notes. "One of the bags contained Rs 26,9300 and the other Rs 64 lakh," Singh said.

He said Verma has confessed having smuggled out rejected currency from the BNL for the last three months, when he was made the supervisor of the rejected currency notes section.

Note are rejected for errors in printing and sent to this section, where they are destroyed. Since Verma made away with the rejected currency notes, the theft did not come to fore as the stock was destroyed leaving behind no evidence.

The BNP, a wing of Security Printing and Minting Corporation of India Limited (SPMCIL), is a highly secure area where only authorized people are allowed to enter. The employees have to undergo a security screening before they leave the facility - a measure put in pace to prevent unauthorised movement of currency notes.

"We are in the process of interrogating Verma to find out whether other people were involved in the theft. Appropriate action will be taken against anyone found guilty," ASP Patidar said.

Meanwhile, the BNP authorities are also believed to have launched a scrutiny of security blanket put around the facility to find any holes in it and rectify it.

Source: Times of India (https://timesofindia.indiatimes.com/city/indore/bank-note-press-employee-held-rs-90-lakh-seized/articleshow/62570648.cms)
Title: India: New Series of Banknotes Soon
Post by: Bimat on January 20, 2018, 02:31:38 PM
Quote
Note are rejected for errors in printing and sent to this section, where they are destroyed. Since Verma made away with the rejected currency notes, the theft did not come to fore as the stock was destroyed leaving behind no evidence.

So rejected notes are not counted before they are destroyed? ??? I would expect authorities to check if the number of notes rejected just after printing are matching with notes being destroyed some time later...

Aditya
Title: Re: India: New Series of Banknotes Soon
Post by: Pabitra on January 20, 2018, 02:42:57 PM
No wonder, error notes are flooding the market. This has gone to the extent that there is a club in Delhi where the members collect error notes.
Title: Re: India: New Series of Banknotes Soon
Post by: Figleaf on January 20, 2018, 04:59:15 PM
Bank Note Press employee held, Rs 90 lakh seized

Do you think there's a connection with this question (https://www.quora.com/With-90-lakh-in-hand-whats-the-best-way-to-invest-in-India-in-order-to-get-a-monthly-return-of-around-80K-I-am-interested-in-travelling-so-a-suitable-investment-with-low-involvement-would-be-good-Fixed-deposit-returns-are-not-an-option)? :)
Title: India: New Series of Banknotes Soon
Post by: Bimat on April 26, 2018, 05:07:36 PM
A new, modified ₹100 banknote is expected to be released in April 2018. Size of the new note will be kept same as current note so that ATMs do not need re-calibration again.

The new ₹100 note will be light blue in color. Expected to be available by July 2018.

Aditya