Author Topic: India: New Series of Banknotes Soon  (Read 6369 times)

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Offline asm

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Re: India: New Series of Banknotes Soon
« Reply #15 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #16 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #17 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #18 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #19 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #20 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
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Offline asm

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Re: India: New Series of Banknotes Soon
« Reply #21 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.
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #22 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #23 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)
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #24 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #25 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.
« Last Edit: December 01, 2016, 04:36:18 PM by Bimat »
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Offline asm

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Re: India: New Series of Banknotes Soon
« Reply #26 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #27 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.
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #28 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.
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #29 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
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.