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India: New Series of Banknotes Soon

Started by Bimat, November 10, 2016, 07:55:33 AM

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Bimat

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

Bimat

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

dheer

Disappointed with size. It was a good opportunity to align size. All new notes are of same height.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Bimat

Quote from: 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.

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

dheer

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.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Pabitra

New 10 Rupees notes soon

www.livemint.com/Industry/tN53TySPDUEr1j9lwx1F9K/RBI-to-issue-new-Rs-10-notes-in-chocolate-brown-colour.html

Bimat

Chocolate brown would be too dark for a banknote IMO... ::)

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

dheer

http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Pabitra

Quote from: Bimat on January 04, 2018, 05:50:34 AM
Chocolate brown would be too dark for a banknote IMO... ::)

So finally, it is "milk" chocolate brown and not "dark" chocolate brown :-)

Bimat

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

Bimat

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

Pabitra

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.

Figleaf

Quote from: Bimat on January 20, 2018, 02:28:49 PM
Bank Note Press employee held, Rs 90 lakh seized

Do you think there's a connection with this question? :)
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Bimat

Quote from: 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.

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

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