RBI to launch new Rs 20 notes

RBI to launch new Rs 20 notes

New Delhi: The Reserve Bank of India will soon be issuing new Rs 20 notes. The notes will come in a greenish yellow colour and will be a continuation of the Mahatma Gandhi series.

The new notes will have a motif of Ellora Caves on the reverse, depicting the country’s cultural heritage, a press release by the RBI said.


While the base colour of the note will have be Greenish Yellow, it will have “other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse”.


At the same time, the press release also clarified that the previous banknotes in the denomination of Rs 20 issued by the RBI will continue to be legal tender.


Apart from a portrait of Mahatma Gandhi at the centre of the note, it will also have the denominational numeral 20 written in Devnagari script.

The new notes will also have the Ashoka Pillar emblem on the right, Mahatma Gandhi portrait and electrotype (20) watermarks, a number panel with numerals growing from small to big on the top left side and bottom right side on the front.

On the reverse, the notes will carry the year of printing on the left, the Swachh Bharat logo with the slogan, the customary language panel, and a motif of the Ellora caves.

India stops Printing of Rs 2,000 note,  Currency still valid

New Delhi: India has stopped printing Rs 2,000 notes in a bid to slowly reduce their circulation, a highly placed government source told ThePrint.


The cut in circulation does not mean the Rs 2,000 notes will become invalid. In all likelihood, the denomination will be gradually phased out.The decision comes on the back of suspicion in the Modi government that the high-denomination banknote was being used for hoarding, tax evasion and money laundering.

The RBI, India’s central bank and currency-issuing agency, did not respond to an email from ThePrint seeking comment. This report will be updated when it responds.The Rs 2,000 note was introduced in November 2016, after the government demonetised Rs 1,000 and Rs 500 denominations as part of an exercise pitched as a crackdown on black money. At that time, to counter the massive cash shortage, the government flooded the country with new Rs 2,000 notes.

As of March 2018, the total value of the currency in circulation was Rs 18.03 lakh crore, of which Rs 6.73 lakh crore, or 37 per cent, was in Rs 2,000 notes, and Rs 7.73 lakh crore, approximately 43 per cent, in Rs 500 notes. The remaining was in the lower denominations.

A criticised move: When the Rs 2,000 note was introduced, the Narendra Modi government was criticised for bringing out a note of such a high denomination considering it had cancelled the Rs 1,000 note.
Opposition parties had argued that the Rs 2,000 note would further help money launderers and tax evaders, and backfire on one of the government’s stated aims for demonetisation — checking tax evasion and money laundering.

These fears seemed to have come true last April when many Indian cities reported a massive cash shortage.

The government suspected cash hoarding ahead of state elections, as well as stocking of money by people in the aftermath of the PNB-Nirav Modi bank fraud. The income tax department also reported massive seizures of Rs 2,000 notes during this period.

The critics included bankers, with Uday Kotak, the managing director of Kotak Mahindra Bank, questioning the government’s move to bring in Rs 2,000 notes while phasing out Rs 1,000 notes.

Falling currency:  The squeeze in the circulation of the Rs 2,000 notes started some time back. The RBI’s annual report, released in August 2018, showed that only 7.8 crore notes of the Rs 2,000 denomination were added in 2017-18, taking the total number of bills in circulation to 336.3 crore as of March 2018. In 2016-17, 328.5 crore Rs 2,000 notes were in circulation.

The share of the Rs 2,000 notes in the total currency in circulation has come down as well: In March 2018, it was recorded at 37.3 per cent, a fall of nearly 13 percentage points from 50.2 per cent as of March 2017. In contrast, the printing and circulation of the new Rs 500 note has been stepped up. India added 958.7 crore Rs 500 notes in 2017-18, with 588.2 crore notes in circulation the previous year. The share of the Rs 500 notes in the total currency in circulation has increased too, from 22.5 per cent in March 2017 to 42.9 per cent in March 2018.

ATMs will not be replenished with cash after 9 pm from 2019

ATMs will not be replenished with cash after 9 pm from 2019

New Delhi: No ATM will be replenished with cash after 9pm in cities and 6pm in rural areas from next year, and two armed guards will accompany crisp notes in transit as per a new directive issued by the home ministry.


The deadline for putting money in the ATMs located in Maoist-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles.


In a notification, the home ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATMfrauds and other internal frauds leading to increased sense of insecurity.


There are over 8,000 privately owned cash vans plying across the country, operated by non-bank private agencies, and they handle over Rs 15,000 crore daily on behalf of banks.
Sometimes, the private agencies keep currency overnight at their cash vaults.


“No cash loading of the ATMs or cash transportation activities shall be done after 9pm in urban areas, after 6pm in rural areas and before 9am or after 4pm in the districts notified by the central government as Left Wing Extremism affected areas,” the notification said.


The agencies shall provide private security for the cash transportation with the requisite number of trained staff, every cash van shall have one driver, two armed security guards, two ATM officers or custodians.


One armed guard must sit in the front along with the driver and another in the rear portion of the van while in transit.


During loading or unloading, nature’s call, tea or lunch break, at least one armed security guard shall remain present with the cash van all the time.


The ex-serviceman, otherwise eligible, may preferably be appointed for providing security for cash transportation.


Every cash transportation shall be carried out only in secured cash vans fitted with GPS tracking device and it must be ensured that no cash van carries cash of more than Rs 5 crore per trip.


No private security agency shall appoint anyone for the cash transportation unless the person has undergone thorough antecedent check like police, Aadhaar and residence verifications, previous employer check, credit history check and fidelity insurance.


Each of the cash boxes shall be secured to the floor with separate chains and locks that can be opened only by using separate keys kept with different custodians.


The cash van shall be provided with a small CCTV system with at least five days recording facility and three cameras installed in front, rear and inside of the cabin.


A security alarm with GSM based auto-dialer shall be provided with a motorised siren.
The cash van shall be equipped with hooter, fire extinguishers and emergency lights to ensure quick reaction in case of an attack.


The private security agency will ensure that all cash handling, including counting, sorting, and bundling activities shall be carried out in secured premises in accordance with specific guidelines.


The premises shall be designed to include two physically independent areas, one for general office purpose and other for secured cash processing and handling activities and it shall accommodate space for cash deposit, collection, sorting, counting and delivery and dispatch of cash on secured cash vans.

RBI to release New Lavender Coloured 100 Rupee Note

New Delhi: As part of the Central Bank’s regular exercise, the Reserve Bank of India is set to introduce new Rs 100 denomination banknotes in the Mahatma Gandhi (New) Series shortly.

The new denomination will bear the impression of Gujarat's historic stepwell Rani ki Vav, depicting the country’s cultural heritage. The base colour of the note is Lavender, said the apex bank in a notification on Thursday, 19^th July 2018.

The new Rs 100 note will be smaller than the previous version and slightly bigger than the Rs 10 note, and weight less than the old Rs 100 note.

The printing of the new Rs 100 notes has already begun at the printing press in Dewas with indigenous ink reportedly being used to print the notes.
Banks will have to make changes in ATMs to accommodate the new notes as was the case with new notes of other denominations.

Several new micro-security features have been added to the new Rs 100 note, which will be visible only under ultraviolet light.

Exchange only for senior citizens on 19th Nov Saturday in Banks

Exchange only for  senior citizens
on 19^th Nov Saturday in Banks

 New Delhi: In the latest, government has suspended exchange for Rs 500 and Rs 1,000 notes on Saturday, 18^th November 2016. Only senior citizens will be allowed to make one-time exchange for upto Rs.2,000.

Banks will not exchange decommissioned notes for non-bank customers tomorrow and senior citizens are exempted informed Indian Bank Association today.  Banks will remain shut on Sunday.  The lending institutions will make use of Saturday to clear off the pending work.

IBA Chairman Rajeev Rishi stated that ever since demonetisation was announced, all banks have been working for extended hours including holidays to ensure the public at large was not inconvenienced. "In fact, we have diverted all human resource to make sure that all those who stood in queues got their money exchanged, deposited and withdrawn. In the process what we have felt is that in the last one week our own customers have actually suffered. Routine works are not done and routine works are pending in banking activities," he said.

However, senior citizens are exempted from the directive and banks will be accepting all their requests."We have taken a view that on Saturday, the banks shall not be doing exchange over the counter of 2000 rupees. We will make an exception for senior citizens. But tomorrow we will spend trying to update our works and do the works in relation to our own customers," Rishi added.

The IBA decision is only for Saturday and from Monday onwards all customers will be allowed to exchange notes at a branch of any bank.Rishi said after the banks started using indelible ink to mark fingers of customers who have exchanged notes, the queues decreased.

"For the last one week, we have been seeing huge rush but for the last two-three days after we introduced the inking of finger we have seen a visible reduction in the rush at branches. The queues have shortened," Rishi said.

Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes and since then large number of seemingly unending queues before banks and post offices are seen in order to exchange these currencies.

No electronic chip in Rs. 2000 notes, All banks will work on Nov. 12th and 13th

No electronic chip in Rs. 2000 notes: RBI

All banks will work on Nov. 12^th and 13^th Sat, Sunday

New Delhi/ Mumbai: The Rs. 2,000 notes that will enter into circulation from November 10, 2016 will not have any electronic chip, the Reserve Bank of India clarified on Wednesday, 9^th November 2016.

RBI also said that all banks will work on Saturday 12^th November and Sunday, 13^th November 2016, so that customers should not face difficulties in the backlash of demonitisation of old currency nots of Rs.500 and 1000..

“The only security features of the Rs. 2,000 note are the ones we have mentioned in our releases regarding the note,” an official in the Reserve Bank of India told . “The release is also on our Twitter account and it does not mention any chip.”

The rumour of the inclusion of a tracking chip in the notes went viral on social media and WhatsApp hours after Prime Minister Narendra Modi announced the demonetisation plan on Tueday, 8^th November 2016..

The security features of the Rs. 2,000 notes include latent images, coloured strip security threads, watermarks and several other features.

These will be new Currency Notes of Rs. 500, 1000 in India from Nov.10

These will be new Currency Notes of Rs. 500, 1000 in India from Nov.10

Modi Govt’s major assault on black money, corruption
and fake notes

New Delhi: Reserve Bank of India (RBI) will release new currency notes with new features designs and dimensions from 10^th November 2016 onwards, as Indian Government demonetising the currency notes of Rs 500 and Rs. 1000 from midnight on Tuesday, 8^th November 2016.

The surprise step is a major assault on Corruption, black money and Fake notes by Central Government led by Prime Minister Narendra Modi.

Economic Affairs secy Shaktikanta Das showed the new Rs 500 note and Rs 2000 note, to be known as Mahatma Gandhi new series of bank notes.

Other denomination currency notes will be printed in due course said Shaktikanta Das, Secretary Economic Affairs

If someone is receiving Rs 1000 & Rs 500 notes after tonight, he is doing it at his own risk Shaktikanta Das added,

We will review the situation after 24 Nov, new notes will be in circulation from 10 Nov, He said.  This is necessary in medium & long term interest of our economy, it will help in maintaining financial & economic integrity He said.

Earlier, taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night, 8^th November 2016  announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

Chronology of development:

* 9:10 pm: RBI has been concerned about black money issue: Urijit Patel

* 8.53 pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.

* 8:34 pm: This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.

* 8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

* 8:31 pm: Banks will be closed on November 9.

* 8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.

* 8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit

* 8:25 pm: There are, however, some exemptions. Government hospitals and international airports.

* 8:22 pm: The ATMs will not function till November 9, and in some places till November 10.

* 8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.

* 8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

* 8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.

* 8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.

* 8:10 pm: Corruption, black money and terrorism can come in the way of a country's robust economic growth, says the Prime Minister.

* 8:07 pm: He moves on from corruption to terrorism. He tells "terrorsists from across the border" are spreading counterfeit currency notes.

* 8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.

* 8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone's responsibility to eradicate poverty.

* 8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.

* 8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.

* 8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank

* 8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the 'I' was wobbling, says the PM.

* 8:00 pm: The Prime Minister's address to the nation has begun.