RBI to Introduce ₹2000 Banknotes

[Bimat]

Rs 2k notes offered for Rs 1.5L on eBay

John Sarkar | TNN | Updated: Nov 17, 2016, 01.29 PM IST

New Delhi: Forget long ATM queues. If you want to lay your hands on a crisp Rs 2,000 note, go online.

On Wednesday, new Rs 2,000 notes were being sold on eBay India at a hefty premium, starting from Rs 3,500 (paid by credit card or online transfer). But if you are superstitious, you need to cough up much more for notes whose serial numbers have religious connotations. For instance, a series of five Rs 2,000 notes starting with the number 786, were being offered by a seller on the marketplace for Rs 1.51 lakh.

"In India, people are ready to pay a premium for goods that sport numbers with religious significance such as vehicle number plates, mobile numbers or even residential addresses," said a New Delhi-based astrologer, who did not want to be named.

This was also used as a lucky number in blockbuster Bollywood movie Deewar, where superstar Amitabh Bachchan's badge number as a dock worker was 786.

When reached out to eBay India to enquire about the listing of the currency, a spokesperson for the US-based e-commerce company said as an independent online marketplace and an intermediary, it does not exercise control on items listed by independent sellers on the site.

"There have been no successful transaction for Rs 2,000 currency notes," the spokesperson said. However, after the TOI inquiry, he said the company was disabling access to the notified listings to avoid any sort of legal hassle.

In July last year, many online marketplaces including eBay India were issued notices by MP high court for alleged online trading of Indian currency carrying 'unique' numbers. In November, private individuals were selling the latest series of Re 1 notes on e-commerce sites at nearly 100 times their value.In fact, after PM Narendra Modi announced the demonetization scheme last Tuesday, people with smaller currencies such as Rs 20 and Rs 50 notes also scrambled online to sell them at a profit. While Rs 20 notes were being sold on eBay for around Rs 900 for three notes, Rs 50 notes bearing the number '786' were being offered at Rs 5,000 apiece.

Source: Times of India

[dheer]

I have no idea why TOI made this a news item. It is obvious that the item will not get sold.

There are tons of such listing on eBay, Rs 5 coin on Vaishno Devi at 2.5 lacs. The list is endless

[Bimat]

Another question: Government says the printing of new notes started six months ago. All notes bear signature of Urjit Patel who took over as RBI governor on September 5. Then how come all notes have his signature?

Answer to my own question.

Aditya

[Bimat]

Why are we Indians so desperate to prove UNESCO a jobless organization?

Aditya

[dheer]

These days with Social media its more difficult to identify what is fake and what is true.

In olden days there would be tons of fake / propenganda information disbursed. It was then thought that digital media would solve this as true news will more fast. But it looks like fake news is also equally moving fast. 

[Bimat]

Are these ₹2000 banknotes really so bad that everyone is making photocopy of it, and circulating it? New case from Odisha this time...

Aditya

[dheer]

Are these ₹2000 banknotes really so bad that everyone is making photocopy of it, and circulating it? New case from Odisha this time...

Aditya

I think this is more of being opportunist. The new notes are not widely seen and are flowing in bulk. In past there would be around 6 months by the time a new note gets slowly introduced in circulation.

The euphoria of new notes combined with the move of eliminating black money ... this means people are less focused to verify and get carried away too soon.

[Bimat]

SPOT THE FAKE

By Zahid Qureshi, Ahmedabad Mirror | Nov 22, 2016, 02.00 AM IST

Even as Rs 2,000 notes printed by the Reserve Bank of India (RBI) are yet to reach banks everywhere, the first fake note of this denomination has surfaced in Gujarat. A paan shop owner in Bodakdev here found a forged Rs 2,000 currency note in his till. While fake notes found in other parts of the country were photocopied versions, this note had features including the Gandhi watermark next to the national emblem and a fake security thread.

The Centre's move to demonetise Rs 500 and Rs 1,000 notes meant brisk business for Vansh Barot who owns a paan and soda shop next to the branch of a bank on busy Judges Bungalow Road. Tired of standing in line, people would walk into the 25-year-old's shop to buy snacks and drinks. So, when a customer handed over a magenta 2,000-rupee note to the employee manning the cash counter on Thursday, it raised no alarm.

That was until Vansh emptied the cash over a magenta 2,000-rupee note to the employee manning the cash counter on Thursday, it raised no alarm. That was until Vansh emptied the cash box to count the day's earnings. A soiled-looking note sent warning bells ringing. "The Rs 2,000 note was introduced recently so it had to be crisp and new in appearance.

This note, however, looked begrimed and faded in colour. I suspected it could be a fake," said Barot, a resident of Sattadhar Society in Sola. He had completed his MBA in Human Resources from London and had set up a franchisee of Anand Paan Shop six months ago. "Since the day was over, I locked the note in my almirah. The next day, I took out the note and compared it to other notes of the same denomination.

I was shocked to see that the note was smaller in length and breadth. To confirm my suspicion, I took the note to the Central Bank of India's Lal Darwaza branch and the manager confirmed that the note was fake," said Vansh, adding, "I then went to the Reserve Bank of India. However, they were closed. I will submit the note along with an application and hand it over to the RBI on Tuesday."

NO CLUE FOUND

Vansh added, "I have CCTV camera in my shop. I went through all the footages captured by this camera on November 17. But I was unable to find the person who gave me this note." Central Bank of India's Chief Manager (Lal Darwaza) B R Ramkrishna Naik confirmed that the fake note had not been aphotocopy. "It was not a simple copy. The fake note brought by Vansh had a security strip and a Gandhi watermark next to the Ashok Pillar emblem. However, it did not have the additional electrotype '2,000' watermark. The seven raised angular bleed lines on the right and left side of the fake 2000-rupee note had gaps. The emblem too was not printed properly. The colour of the fake note was darker than the real note."

He added, "Notes of Rs 2,000 denomination are new in the market so people do not expect fakes so soon. They must learn the security features of the new notes and be extremely cautious while using it for transactions." Repeated attempts to speak to SOG ACP B C Solanki were in vain. The Central government and the RBI decided to scrap the older high-denomination notes on November 8 and bring in new Rs 2,000 notes for a variety of reasons, among which was the crackdown on fake currency notes. "If anyone comes across a fake note, s/he can take it to a private or government bank," said the manager.

Once the bank identifies (after examination of various safety features) that the note is indeed counterfeit, they put a stamp on the note stating 'Counterfeit Banknote Impounded'. The official enters the details of the note in a separate register. After impounding and stamping the note, the banker gives an acknowledgement receipt. And, you are expected to countersign the receipt. Even if you are unwilling to countersign the receipt the bank will still issue you an acknowledge receipt.

If there are up to four fake notes detected, in a single transaction, then the bank sends a report to the local police authorities along with the notes. If five or more fake notes are detected in a single transaction, the fake notes are forwarded to the local police station. That's not all. A first information report is also filed for further investigation. Under no circumstance will the bank return the note to you, or give you compensation for the note you just lost. So you simply lose the money.

Source

[dheer]

SPOT THE FAKE

By Zahid Qureshi, Ahmedabad Mirror | Nov 22, 2016, 02.00 AM IST

This note, however, looked begrimed and faded in colour. I suspected it could be a fake," said Barot, a resident of Sattadhar Society in Sola. He had completed his MBA in Human Resources from London and had set up a franchisee of Anand Paan Shop six months ago. "Since the day was over, I locked the note in my almirah. The next day, I took out the note and compared it to other notes of the same denomination.

I was shocked to see that the note was smaller in length and breadth. To confirm my suspicion, I took the note to the Central Bank of India's Lal Darwaza branch and the manager confirmed that the note was fake," said Vansh, adding, "I then went to the Reserve Bank of India. However, they were closed. I will submit the note along with an application and hand it over to the RBI on Tuesday."

note was smaller in lenght and breadth.

My bet is someone took a Rs 20 note; reduced the image size of Rs 2000 note using image editor and simply printed this on the Rs 20 note. This explains the Gandhi watermark and the security thread.

[Bimat]

Two terrorists were gunned down in J&K today and they were having two ₹2000 banknotes. What I find interesting that the position of security thread is not the same in both the notes! Yeserday, I saw similar error (?) in ₹500 note too (shall post a pic later)

(Photo posted by ANI on twitter, I have cropped it to reduce its size)

Aditya

[Figleaf]

It is almost funny to see that fraudsters can be faster than the RBI, but odd to see that there is not even a reward programme if the counterfeiters are caught for those honest people who bring in forged notes. However, what really blew my mind is a feller who has completed an MBA in Human Resources (whatever that is) running a paan shop. Shouldn't a certified honest youngster with an education have a better job, so he can contribute more to society?

Peter

[Bimat]

However, what really blew my mind is a feller who has completed an MBA in Human Resources (whatever that is) running a paan shop. Shouldn't a certified honest youngster with an education have a better job, so he can contribute more to society?

Actually it's not the usual paan shop you see in India. Looks like it's only for rich.

http://anandpancentre.com/index.php/en/

The website is not well maintained, though.

Aditya

[dheer]

It is almost funny to see that fraudsters can be faster than the RBI, but odd to see that there is not even a reward programme if the counterfeiters are caught for those honest people who bring in forged notes. However, what really blew my mind is a feller who has completed an MBA in Human Resources (whatever that is) running a paan shop. Shouldn't a certified honest youngster with an education have a better job, so he can contribute more to society?

Peter

There are quite a few paan shops in North India, that are special. They are fully air-conditioned, nicely done ambience, sofas, giving a run for many 5 star hotels. Some of the paans come with hefty price tags, like Kohinoor, as well. All in all its a very lucrative business model and meant for the elite for whom a Rs 10 paan is below their standard to consume.

[Bimat]

Here's the ₹500 banknote. Photo by Aabshar (@Scepticindia) on Twitter. Similar error (?) as ₹2000 note...

Aditya

[dheer]

This to me seems normal. I have quite a few notes in almost every denomination ... the security thread don't fully align ... generally the thread is in fixed position on paper, at times the print is offset by few mm either side and hence the different in relative position.

This is not new to current notes.