Author Topic: RBI Denies Licenses for Trading Fancy Number Banknotes  (Read 2116 times)

0 Members and 1 Guest are viewing this topic.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« on: October 19, 2015, 05:38:45 AM »
I understand that RBI has denied to give licenses to trade fancy number banknotes. Several collectors and dealers had written to RBI sometime ago (via Dr. Dilip Rajgor) to permit them trading of fancy number banknotes as it has created lot of legal problems for many recently. However, RBI in its reply to all such applicants has made clear that they can not allow trading of banknotes for a premium and it's illegal. So dealers and collectors have to collect them at their own risk...

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 085
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI Denis Licenses for Trading Fancy Number Banknotes
« Reply #1 on: October 19, 2015, 05:41:13 AM »
Interesting. There are still ways to sell them.
I am not selling the NOTE. I am selling an envelope at high price along with Fancy note number inside it. Yes it may still not stand in the court of law. But then who would complain  >:D
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #2 on: October 19, 2015, 05:45:35 AM »
I think writing directly to RBI is the major mistake collectors and dealers have made. So far, it was known to everyone that such banknotes are traded illegally but it never became public. Now, it's known to all including RBI, so it may cause more trouble for them in future. Just imagine if RBI asks ED/Finance Ministry to investigate the black money in this market and gives them names of dealers... ::)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 085
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #3 on: October 19, 2015, 06:30:03 AM »
I think writing directly to RBI is the major mistake collectors and dealers have made. So far, it was known to everyone that such banknotes are traded illegally but it never became public. Now, it's known to all including RBI, so it may cause more trouble for them in future. Just imagine if RBI asks ED/Finance Ministry to investigate the black money in this market and gives them names of dealers... ::)

Aditya

RBI has known this for a while. When Mr Kishore Jhunjhunwala along with other wrote Indian Paper Money, it also contained images and details of Specimen notes. RBI was at his door asking how he got hold of these notes and whatever are in his possession should be given back to RBI as such they cannot be held by private individual.

Its just that RBI still want to keep this as illegal and turn a blind eye to collectors. In the sense let the rule be but not impose on collectors and impose it on some other illegal activities that happen.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #4 on: October 19, 2015, 08:16:40 AM »
RBI has known this for a while. When Mr Kishore Jhunjhunwala along with other wrote Indian Paper Money, it also contained images and details of Specimen notes. RBI was at his door asking how he got hold of these notes and whatever are in his possession should be given back to RBI as such they cannot be held by private individual.

Its just that RBI still want to keep this as illegal and turn a blind eye to collectors. In the sense let the rule be but not impose on collectors and impose it on some other illegal activities that happen.

Yes, RBI knows this for long time, but there's nothing on the record till now. Now since it's communicated through proper channels, it's in their record now. Someday, it might land RBI in trouble during audits etc, and then RBI might turn the heat on dealers. Just a guess, but quite possible.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 2 112
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #5 on: October 19, 2015, 08:53:58 AM »
For RBI, the specimen notes were stolen property and they can easily file a theft case with last known owner being listed as owner of stolen property.
Then the guys are in big trouble, knowing the way police works in India.

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 085
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #6 on: October 19, 2015, 08:55:04 AM »
Yes, RBI knows this for long time, but there's nothing on the record till now. Now since it's communicated through proper channels, it's in their record now. Someday, it might land RBI in trouble during audits etc, and then RBI might turn the heat on dealers. Just a guess, but quite possible.

Aditya

Audits ... yep I guess you have a point there.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 085
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #7 on: October 19, 2015, 08:57:28 AM »
For RBI, the specimen notes were stolen property and they can easily file a theft case with last known owner being listed as owner of stolen property.
Then the guys are in big trouble, knowing the way police works in India.

RBI can file a theft case ... but I suspect it will then have to answers some uncomfortable questions like; How many specimen were actually printed, who were they given to ... how many are still with RBI in vaults, etc etc.

I guess RBI does not have answers for quite a few and hence preferred to keep mum.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 2 112
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #8 on: October 19, 2015, 10:05:24 AM »
Perhaps they were printed in quite a large numbers and given to senior officers and union leaders for actually selling and making money.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #9 on: October 19, 2015, 11:42:30 AM »
Perhaps they were printed in quite a large numbers and given to senior officers and union leaders for actually selling and making money.

I suspect they were made on order. Just like Kolkata mint used to mint (or still mints) errors on order... :D

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #10 on: October 19, 2015, 11:44:55 AM »
I'm not sure why Dr. Rajgor is getting involved in such tricky situations unnecessarily. He also initiated the letter to be sent to PMO/FM on behalf of coin collectors regarding import/export of coins. Considering how the bureaucracy works in India, it will only increase our headache...

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 085
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #11 on: October 19, 2015, 12:18:02 PM »
Perhaps they were printed in quite a large numbers and given to senior officers and union leaders for actually selling and making money.

ssshhh ... I didn't read what you wrote.  :)
On a serious note, I guess in the good old days it was also a means to make the key people aware of the new designs being issued. Realize this was in the days when there is no internet ... there wasn't much of photo copier as well...

Things are however different these days
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 2 112
Re: RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #12 on: October 19, 2015, 01:38:35 PM »
Just like Kolkata mint used to mint (or still mints) errors on order...

Most of the errors etc. attributed to Kolkata mint are actually re-struck coins, struck on actual coins and not blanks, in a private mint, owned and operated by a former member of this forum, in Kolkata.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 312
  • Mumbai, India.
RBI Denies Licenses for Trading Fancy Number Banknotes
« Reply #13 on: October 21, 2015, 05:42:30 PM »
Prem Pues Kumar recently posted the RBI notification on FB. Sharing it here. However, I'm unable to find this particular notification on RBI website.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.