Author Topic: India: New Series of Banknotes Soon  (Read 9404 times)

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Offline Figleaf

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Re: India: New Series of Banknotes Soon
« Reply #30 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?

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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #31 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 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.
« Last Edit: December 07, 2016, 11:34:39 AM by Bimat »
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #32 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #33 on: December 07, 2016, 12:17:16 PM »
Interesting to see embassies react to this.
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #34 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.
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #35 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
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Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #36 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.
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #37 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
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Offline quaziright

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Re: India: New Series of Banknotes Soon
« Reply #38 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 ;-)

Offline Saikat

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Re: India: New Series of Banknotes Soon
« Reply #39 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

Offline Bimat

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India: New Series of Banknotes Soon
« Reply #40 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #41 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
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

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India: New Series of Banknotes Soon
« Reply #42 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
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

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Re: India: New Series of Banknotes Soon
« Reply #43 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
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Offline Bimat

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India: New Series of Banknotes Soon
« Reply #44 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
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.