Home india OMG! Rs 500 and Rs 2000 notes will be changed again

OMG! Rs 500 and Rs 2000 notes will be changed again

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500 and 20000 note change Again and 200 note coming soon.

After November 8, Indian Prime Minister Narendra Modi took a historic decision by announcing that the high-demonetization notes (Rs 500 and Rs 1,000) then in circulation would cease to be legal tender.

With demonetization effort 86% of India’s currency was nullified that aimed to wash the stock of ‘black market’s cash supply’ and counterfeit notes out of the economy and convert it into the licit, banked and taxable, part of the economy. To reduce the impact of sudden commercial collapse, a 50 day period ensued where the population could (ideally) exchange their canceled cash for newly designed 500 and 2,000 rupee notes or deposit them into bank accounts. Irrespective of the widespread anguish and household disturbances, an optimistic sentiment shown in favour of the decision.

 

The newly introduced notes had no additional security features and were similar to those in the old Rs. 1,000 and Rs. 500 notes, officials said.

 

A close look by the investigators on some of the recently seized fake notes found that at least 11 of the 17 security features in the new Rs. 2,000 notes had been replicated.

 

These included the transparent area, watermark, Ashoka Pillar emblem, the letters ‘Rs 2000’ on the left, the guarantee clause with the Reserve Bank of India Governor’s signature and the denomination number in Devanagari on the front, officials said.

 

Besides, the motif of ‘Chandrayaan’, the ‘Swachh Bharat’ logo and the year of printing had been copied on the reverse side. Although the print and paper quality of the seized counterfeits was poor, they resembled genuine notes.The officials said the change of security features of currency notes in every 3—4 years will lead to curbing of counterfeiting to a great extent.

 

Those who were arrested recently along with fake notes with face value of Rs. 2,000 have told investigators that the notes were printed in Pakistan with the help of the Inter Services Intelligence (ISI) and had been smuggled into the country through Bangladesh, the officials claimed.

 

A study conducted by the Indian Statistical Institute, Kolkata, in 2016 pegged the value of fake Indian currency notes in circulation at Rs. 400 crore.

RBI bring 200 notes in June. 500 and 20000 note are very large currency for a poor and medium family there changes are don’t easily available in the market .

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