Discussion: Great Indian Demonetization: Mints Working Overtime

[kansal888]

Dear Friends

Due to the demonitization of Rs 500 and Rs 1000 notes, our mints as well as currency note presses are working overtime.

Regards

Sanjay Kansal

[kansal888]

Another news item

[Figleaf]

Now that's good reporting. Fact-based, forward looking, presenting the result of calculations as a scenario, not fact, making assumptions explicit. It overlooks any transport problems, though. In view of the the secrecy before the operation was announced, I doubt that there was any pre-distribution. How many trucks/days do you need to transport those notes and especially those heavy coins from the printing plants and mints to the distribution centres? Are there enough safe trucks (and armed escorts?) available?

Peter

[kansal888]

GOI is using chartered flights as well as choppers of Indian Air Force to ferry currency notes from currency press at Mysore.

[kansal888]

It is understood that Indian Air Force is also using super heavy weight transporters C-17 Globemaster III for lifting currency notes

[Bimat]

A person was given ₹20,000 in ₹10 coins yesterday in Delhi as the bank didn't have enough cash.

By the way, in many parts of the country (especially Odisha and North East), there are rumors that government has banned ₹10 coins too as many fakes were detected in last couple of months. Even in Mumbai, many shopkeepers are refusing to accept ₹10 coins!

Aditya

[dheer]

Fakes of Rs 10 coins has the potential to become a serious issue. There is no alternative unless mint redesign the coins including the metal.

[asm]

Fakes of Rs 10 coins has the potential to become a serious issue. There is no alternative unless mint redesign the coins including the metal.

I believe this startes out in Noida ( UP) where this has been going on for almost 6 months now.

Amit

[Enlil]

Maybe the government should just monetize the fakes, as they seem incapable of supplying enough money to the population. I would be like some periods in Chinese history.

[Bimat]

RBI had to issue a Press Statement after all these rumors. That tells you about the intensity of the problem!

Aditya

[dheer]

RBI had to issue a Press Statement after all these rumors. That tells you about the intensity of the problem!

Aditya

Good. RBI should also pull up leading Hindi publications for spreading incorrect news about the Rs 10 coins. I had written to RBI few weeks ago point out that Hindi publications are mis-informing about the Rs 10 coin.

[kansal888]

It seems two variants of Rs 500 notes were released. One of them is error

[Bimat]

Not an error but 'a variant' according to RBI.

Two variants of new Rs 500 note surface, RBI says printing defect due to rush

Chethan Kumar | TNN | Updated: Nov 25, 2016, 08.32 AM IST

BENGALURU: Just two weeks into circulation, there are already different variants of the new Reserve Bank of India (RBI) Rs 500 notes, which experts fear could not only create confusion in the minds of the citizens but also aid counterfeiting — countering which was one of the top objectives of Centre's demonetization move and introduction of new notes.

TOI found at least three case studies where the new notes have been found to vary from one another. In case of one note Abshar (he goes by one name), a resident of Delhi, says: "There is a more than visible shadow of Gandhi's face, besides alignment issues with the national emblem on the note and even serial numbers."

Rehan Shah, a resident of Gurugram pointed out that the size of the borders of the notes were different. In case of two notes a Mumbai resident got when he made change for Rs 2,000 the notes were of different colours, with one being of a lighter shade. While he shared the picture with TOI, he refused to go on record.

RBI spokesperson Alpana Killawala, said: "It is likely that notes with printing defect has got released due to the current rush. However, people can freely accept such a note in transaction or return it to RBI."

Former Home Secretary GK Pillai told TOI: "Prevention of counterfeiting is almost impossible, with official mechanisms in Pakistan printing notes with access to as much sophistication as we do. So, it is only a matter of delay and temporary suspension of such notes in the country that one could have hoped for. I cannot yet comment on the Rs 500 notes as I am yet to see them, the Rs 2,000 notes are of good sophistication. That said, if the RBI says there is only one new 500-note it is printing, there should exist only one."

Experts pointed out that multiple variants of the official notes will aid people attempting to infuse fake notes. "As it is people find it difficult to understand all features of an official note and fail to check for everything before they accept one. Now, if there are too many versions of the official note, slipping in another would be easier than otherwise," a service IPS officer who has dealt with crime for many years said.

Between January 2013 to September 2016, India has seized Rs 155.11 crore worth of counterfeit currency notes, Rs 27.79 crore of which was seized in the first nine months of this year. While the value of the seizures is hundreds of crores, the number of notes seized are only 31 lakh, indicating that majority of them were high denomination notes. Also, the seizures as security agencies point out time-and-again, are only a tip of the iceberg.

Former DG&IG of Karnataka ST Ramesh, while echoing the views of the experts of different variants of notes aiding fake currency rackets, said: "Local printing of such notes has almost stopped. The notorious gangs from Coimbatore are more or less dead and all notes come in from outside through Nepal, Bangladesh and other countries. Different variants of official currency will certainly aid counterfeiting and it must be curbed immediately, unless of course, the RBI has strategically released this."

Source: Times of India

[kansal888]

Three weeks after Prime Minister Narendra Modi's stunning announcement declaring two high-value currency notes – Rs 500 and Rs 1,000 – invalid, the printing of the new Rs 500 note has grounded to a near-halt at the Nashik and Dewas printing presses.

RBI sources revealed that a series of glaring errors on the new Rs 500 notes, besides the low printing capacity at the Security Printing and Minting Corporation of India Ltd's (SPMCIL) Nashik and Dewas presses, has now forced the Reserve Bank of India (RBI) and the Finance Ministry to call off printing of the particular currency denomination. The exercise will now be shifted to the Mysuru press, the sources added.

https://www.thequint.com/currency-ban/2016/11/28/new-500-note-printing-halted-will-shift-to-rbi-mysore-press-urjit-patel-governor-narendra-modi-1000-demonetisation

[kansal888]

DENIAL of EARLIER REPORT

Government spokesperson Frank Noronha, on late Tuesday evening, refuted The Quint's report that printing of the new Rs 500 notes was temporarily halted at the Nashik and Dewas presses.

"The report is totally baseless and unfounded. There is no truth to it," Noronha said.

The spokesperson, however, said he "wouldn't know" whether or not the printing of the new Rs 500 notes – which is grossly insufficient at the Dewas and Nashik presses – would be done at the Mysuru press operated by the Bharatiya Reserve Bank Note Mudran (BRBNMPL), a wholly owned subsidiary of the Reserve Bank of India (RBI).

https://www.thequint.com/currency-ban/2016/11/29/demonetisation-currency-ban-finance-minister-rs-500-notes-printing-halted-shortfall-narendra-modi-dawas-nashik-rbi