Did you know series (5): 1000 rupee notes; Classification and valuation by the period when they were printed and their issue numbers .

Did you know series (5)

Classification and valuation of   1000 rupee notes by the period when they were printed

and their issue numbers

Most of us are familiar with Indian currency notes of various denominations, and have even spent 1000 rupee notes while making payments for our expenses. In fact, given the high levels of inflation battering our home budgets, a 1000 rupee note is being spent by us, the Indian consumers, like a 100 rupee note was being spent at the beginning of the 21^st century.  With most of the money being earned by us getting used up towards meeting the household budget. 

We  hear stories about some lucky collectors who are in possession of a  packet of currency notes which was  issued in the  1960s or 1970s or in the early 1900s and which  have a lot of  value today , we just say,lucky guy, his grandfather must have saved it for him. In fact, a few months ago, there was a story that a 1 rupee packet issued under the signature of the then Finance Secretary S. Bhoothalingam in 1964 which was worth Rs.30.00 lacs (approx.) got lost in transit. It was like losing a two bedroom house in Pune, where I live!!

Nevertheless, you can begin your Note collection today and who knows, maybe some day we may read your name in the papers as someone who made a fortune by selling his/her notes which were collected 20 or 30 years ago. 

To begin with, have you ever looked at the serial numbers of the 1000 rupee notes (I will be covering other denomination of Indian currency notes in subsequent blog posts). They have a story to tell all by themselves, about who issued them, when were they issued, and whether they are uncirculated and in brand new condition (more collector value) or are worn out and mutilated with use (soiled – less collector value) Over a period of time, these notes grow in value, which is why Currency note collectors pay large premiums to acquire them for their collection. Interested in finding out more? Then read on:

I am going to start with the 1000 rupee currency notes issued in the last decade or so (since October 2000) ,and go back to the historical data mainly for reference purposes.

The first 1000 rupee notes issued in the current Mahatma Gandhi series were issued during the tenure of Dr. Bimal Jalan, (RBI Governor from 22.11.1997 to 05.09.2003) in October 2000. There were two variants found in the serial numbers “Plain Inset” or “A” Inset in the notes issued during his period from October 2000 to September 2003 , however, no year was mentioned on the reverse of these Notes. 

If one has an uncirculated 1000 rupee note from this period , for a collector ,the value of each note  would be between Rs. 1500/- and Rs. 2000/- (approx). The price of soiled and circulated notes would decrease substantially. Therefore, it is important to look out for an uncirculated Note, for one’s collection, for it to gain substantially in value.

 Remember, that with the passage of time, the value of the older notes increases, particularly if they were signed by earlier RBI Governors and they are fast getting out of present day circulation or have already gone out of circulation. You do not find ATMs or Bank Tellers dispensing uncirculated 1000 rupee notes signed by Dr. Bimal Jalan today, but if you do come across one such note, you have to decide whether to spend it or keep it in your collection.

What is a “Plain Inset” or a “Lettered Inset” will be clear from the pictures of some 1000 rupee notes which I have in my collection issued under the signatures of Dr. Y.V.Reddy (RBI Governor from 06.09.2003 to 05.09.2008).

The above is a 1000 Rupee Note issued under Dr. Y.V. Reddy’s signature. If you will look at the serial number of the Note ‘8CD’ is the Prefix, the serial No. is ‘819675’. There is no letter of the alphabet mentioned in the background of the serial number. (This aspect will be made amply clear from the currency note image given below).  Hence, this note is said to have been issued with a “Plain Inset”.

The reverse of the above note has the year 2007 mentioned on it, indicating the year of issue. “Plain Inset” currency Notes issued under the signatures of Dr. Reddy were issued in 2003/2004 (where the years are not mentioned on the obverse), 2005, 2006, 2007 and 2008. 

Take a look at this Note.  The Prefix of the Note is ‘4AW’, the serial No. is 245096. There is the alphabet “R” in the background of the serial number. This is a specimen of an “R Inset”.

 The above is the back  of the above “R Inset” note issued in 2006.  

 

 The Front & Back of a Rs.1000 Banknote having an "R" Inset issued under Dr. Y.V.Reddy's signatures during 2007.

These Notes with Dr. Reddy’s signatures were also issued in 2005 and 2008, with the years of issue mentioned on the reverse.

 The above note is issued with an “L”inset in 2007. The letter ‘L’ is in the background of the serial number.

Scan 8

Reverse image of the above “L” inset note which was issued in 2007. Currency Notes with an ‘L’ Inset were also issued in 2006 and 2008 under Dr.Reddy’s signatures.

The value of all these Notes issued under Dr.Reddy’s signatures today would be around 1200/- (for the later issues) to about Rs.1500/- or Rs. 1600/- for the earlier issues. Check out these Notes while taking payment at ATMs or Bank Branches. You may still come across some uncirculated issues.

The most frequently seen/used 1000 Rupee Notes today are issued under the signatures of Dr. D.Subbarao, (RBI Governor from 05.09.2008 – present day).

Obverse of a “Plain Inset” issue in 2009 under the signatures of Dr.D.Subbarao. 

Reverse of the above note issued in 2009. Notice the year “2009’ mentioned below the pictures on the note.

Reverse of a Plain inset Note issued in 2010

Plain Inset notes were also issued in 2008 and 2011 under Dr. Subbarao’s signatures with the year mentioned on the reverse side.

           

Obverse of an “R” Inset Note issued in 2009 under Dr.Subbarao’s signatures.

Reverse of the above “R” Inset Note showing the year of issue 2009.

 Obverse of an “R” Inset Note issued in 2012 under Dr.Subbarao’s signatures. This Note also exhibits a Rupee symbol.

Reverse of the above “R” Inset Note showing the year of issue 2012. The Rupee symbol also appears on this face.
Banknotes having "R" Insets were also issued during 2010, 2011 & 2013.

   Obverse of an “L” Inset Note issued in 2010.

 Reverse of the above note, showing the year of issue 2010.

 Obverse of an “L” Inset Note issued in 2011.

 Reverse of the above Note showing the year of issue 2011.

“L” Inset 1000 rupee notes were also issued in 2009, 2012 & 2013.

The value of all the above Notes in uncirculated condition can range between Rs.1100/- to Rs.1200/- for the later ones and Rs.1200/- to Rs.1300/- for the earlier ones for collectors. 

(Note: The values mentioned here are indicative and may vary as per a Collector’s requirement and assessment)

The above is an image of a Rs.1000/- note issued with the rupee symbol in 2011. Notice that the serial number of the Note is of the "0AA" series, indicating that this is among the first few Notes issued with the Rupee symbol in its design. The rupee symbol appears twice before the "1000" numeral on this face. 

An image of the back of the above Note,again having the rupee symbol in two places on the top side before the numeral "1000". The "1000" numeral on the lower left hand side does not have the rupee symbol before it.

Take a look at this Rs.1000/- note with an "L" Inset. It does not have the rupee symbol, although it has been issued in 2012, i.e. after the issues of the Rs.1000/- note in 2011 with the rupee symbol. This indicates, that both styles of Notes are being printed simultaneously and this Note would be a Collector's item being one of the last few Notes to be issued in this style.

 The Back of the above Note, showing the year of issue as "2012", but there is no Rupee symbol on the back as well.

Posted on 22.08.13:

A Rs.1000/- Banknote with an "R" Inset issued in 2012. 

The Back of the above Banknote showing the year of issue as 2012.

Posted on 28.09.13:

 A Rs.1000/- Banknote with a Plain Inset issued in 2013. 

The Back of the above Banknote showing the year of issue as 2013.

One thousand rupee Notes which are not in circulation now:

One thousand rupee notes were first issued under the signature of B. Rama Rau (RBI Governor from 01.07.1949 to 14.01.1957) on 1^st April 1954, with the reverse showing the Brihadeeswarar temple design (Please see my post  “Celebrating 1000 years of Brihadeeswarar temple” at the following Link: http://exclusivecoins.blogspot.in/2011/07/30celebrating-1000-years-of.html). These note issues at various points during his tenure are valued at between Rs.60,000/- and Rs.1.20 lacs (approx) for uncirculated notes.  Later, these notes were also issued during the tenures of other RBI Governors, for example, H.V.R Iyengar (RBI Governor from  01.01.1957 to 28.02.1962) notes valued at about Rs.5.00 lacs , P.C.Bhattacharya (RBI Governor from 01.03.1962 to 30.06.1967) notes valued at about Rs.1.00 lacs, N.C. Sengupta (RBI Governor from 19.05.1975 to 19.08.1975) and K.R. Puri (RBI Governor from 20.08.1975 to 02.05.1977) notes valued at Rs.25,000/- to Rs.30,000/- All these notes were demonetized in 1975 itself, during the early part of Mr. Puri’s tenure as RBI Governor).

A few tips for newbie currency Note collectors of all denominations:

1)   Only some Notes pick up great value, like the 1 rupee packet issued under the signature of the then Finance Secretary S. Bhoothalingam in 1964 which was worth Rs.30.00 lacs (approx.) Chances are that other currency notes signed by him may not appreciate in the same proportion. It all depends on the number of notes issued in a particular series as well as the availability of such notes for collectors

2)   As mentioned above, collectors are not only interested in currency notes which have gone out of circulation, but also, those which are currently in use, particularly, if they have some special feature say for example a “fancy” series number  eg: 999999.or 123456 or a collector’s birthdate or wedding date number  termed as “memorable dates”etc. 
   
   Some near misses:
  

   Take a look at these two Banknotes which have come into my possession both issued with "L" insets, one in 2011 & the other in 2013. In both these banknotes a single digit "0" has prevented these banknotes from becoming Fancy number Banknotes.

3)   The name of the RBI Governor and the tenure for which he was in office is very important, because, if his tenure was short, lesser number of notes would be in circulation adding to their collector’s value.

4)   You may come across an error note, though quite rarely. These notes are normally destroyed, but due to omissions at the concerned Currency Printing Press, they find their way into general circulation. These notes acquire great value for collectors. 

5)   Take a look at the obverse side image of a one-rupee currency Note in my collection which has come down into my collection from my father-in-law signed by the then Finance Secretary S.Venkatiramanan, issued in 1985. The value of this note would depend on an individual collector’s “need to possess” basis, but would be definitely more than uncirculated notes of the same period and denomination.

6)   Sometimes, a note is misprinted at the Security Printing Press and has to be replaced. The Printing Press, inserts a “Star” sign in between the prefix and the serial number of the note. Such notes are picked up by collectors as soon as they are released for general circulation and one may not come across such a note in circulation. Nevertheless, these notes acquire much more value than the denominations that they represent.

7)   Complete and uncirculated packets of currency notes whether stapled or loose, with original paper bands have great Collector interest. For example, I have a 2 rupee packet signed by RBI Governor S. Venkatiramanan (RBI Governor from 22.12.1990 to 21.12.1992) for which I have been offered Rs.3500/- by a collector. However the packet is an integral part of my collection.

8)   “Mint fresh” or uncirculated Notes preserved in the same condition have greater value than soiled/circulated/creased notes.

9) The Reserve Bank of India destroys several million pieces of soiled currency notes of various denominations every year (i.e. Rs.1000/-, Rs.500/-, Rs.100/-, Rs.50/-,Rs.20/-, Rs.10/- and upto Rs.5/- categories). For example, during 2010-11, RBI destroyed an aggregate of 13,852 million pieces of various denominations. This results in adding more value to the notes in Collectors’ possession with the passage of time.

      Posted on 23.01.2014:

Reserve Bank of India has now decided to withdraw all currency notes issued prior to 2005, without specifically mentioning that these Banknotes will cease to be legal tender. From April 2014 all Banks will accept and exchange pre-2005 Banknotes. These Banknotes are easily identified by the absence of the year of printing on the Back of the Note. RBI estimates that the maximum number of fake currency Banknotes are from the period prior to 2005. From 01.07.2014, to exchange more than 10 pieces of Rs.500/- and Rs.1000/- banknotes, non-customers will have to furnish identity and address proof to the Bank Branch.  However, it is expected that later on RBI will issue a communication advising users the final date upto which Banknotes prior to 2005 will be accepted by the Bank. 

Therefore, please start examining the year of issue"at the back of the currency Notes passing through your hands, so as not to face the inconvenience of going to a Bank Branch for returning the currency issued prior to 2005.

While this is a welcome step, RBI needs to have a policy in place to take the remaining counterfeit Banknotes issued after 2005, like changing/revamping the Front and Back designs, adding more effective security features etc. so as not to put users at risk of accepting counterfeit currency Banknotes.
   
   Posted on 03.03.2014:   

   The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public.

  RBI has further clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender till that date.
    Posted on 30.06.2014:
 
     Sumita has just returned from a trip to Leh, Ladakh and Srinagar. While rifling through her purse, I happened to discover this Rs.1000/-  Banknote which was dispensed by a State Bank ATM on Main Street Leh. This is my first acquisition of a Rs.1000/- Banknote signed by the present RBI Governor, Raghuram G. Rajan:  

     The Front of the Banknote signed by Raghuram G.Rajan bearing an "L" Inset issued in 2014.      

        The Back of the above Banknote issued in 2014.
     Posted on 21.09.14:
     Today I have received a Rs. 1000/- Banknote signed by Raghuram G. Rajan, RBI Governor, which has been issued with a Plain Inset in 2014.     

     The Front of the Banknote signed by Raghuram G.Rajan bearing a "Plain" Inset issued in 2014.     

The Back of the above Banknote showing the year of issue as 2014.
  Posted on 31.12.2014:
   The Reserve Bank of India (RBI) has extended the deadline for turning in pre-2005 Banknotes to 30.06.2015. These Banknotes would be treated as legal tender upto this period, but RBI would destroy them as and when they come into Bank branches. 
  
  RBI has sought the general public’s cooperation and urged them to deposit the old design Banknotes in their Bank accounts or exchange them at a bank branch convenient to them. 

RBI has further mentioned that the Banknotes can be exchanged for their full value till this date. Check out all your Banknotes and deposit all such Banknotes  (i.e. without the year of issue printed at the back) at convenient Bank branches before the scheduled date.
 

      Posted on 16.03.2015:
   Today I got a Rs.1000/- banknote from an ATM withdrawal signed by RBI Governor Raghuram G. Rajan  issued during 2014 with an "R" Inset:

   The Front of the Banknote signed by Raghuram G.Rajan bearing an "R" Inset issued in 2014. 

  The Back of the above Banknote showing the year of issue as 2014.
   Posted on 26.06.2015:

     The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. It had, in December 2014, set the last date for public to exchange these notes as June 30, 2015.

   Soliciting cooperation from members of public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.     
   The Reserve Bank has further  stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.
   Posted on 02.10.2015: 

    On 24.09.2015, Reserve Bank of India (RBI)  has notified that Banknotes in the Mahatma Gandhi series 2005 are being issued with a new numbering pattern and special features for the visually challenged persons in the denominations of Rs.100/-, Rs.500/- and Rs.1000/-.

   These new design Banknotes will contain a new numbering pattern in which the numerals in both the number panels will ascend in size from left to right, while the first three alphanumeric characters (prefix) will remain constant in size. Printing of the numerals in ascending sizes (also called exploding font) is a visible security feature in the Banknotes so that users can easily distinguish counterfeits from genuine Banknotes.

  Special features have been included for the visually challenged persons in order to make it easier for them to identify different denominations of Banknotes:
 

   The size of the identification mark in Rs.100/- (triangle), Rs.500/-(circle) and Rs.1000/- (diamond) denominations has been increased by 50 per cent and angular “bleed lines” – 4 lines in 2 blocks in Rs.100/-, 5 lines in 3 blocks in Rs.500 (2-1-2) and 6 lines in Rs.1000/- (1-2-2-1) denominations have been introduced. (All these lines will be printed using intaglio printing – which is a state–of–the–art technology in which the security paper is perforated and printing ink is incised into the paper). Visually challenged persons will be able to feel these lines more easily so as to recognise the denomination/value of these Banknotes and easily distinguish between fake and genuine Banknotes. 

I         Ilustrations of Rs.500/- and Rs. 1000/- Banknotes with the new designs and explanation.

    The design of Banknotes of these 3 denominations is similar in all respects to the earlier issues of the Mahatma Gandhi 2005 Series.

    RBI has further advised that all the Banknotes in these denominations issued by RBI earlier will continue to be legal tender except those printed brior to 2005 which cease to be legal tender wef 31.12.2015.

    In addition to these security features these Banknotes will have moving images and colour variations with distinct contrasts visible to the naked eye when tilted at different angles, while some security features will be invisible to the naked eye and be only machine readable.

   These Banknotes will strengthen the recently introduced Banknotes on an experimental basis where Rs.100/- and Rs.500/- Banknotes have been issued for general circulation with numerals in ascending size from left to right in the number panels but without the bleed lines.

    These measures are being taken so as to raise the bar for counterfeiters and make it extremely difficult, if not impossible, to print fake Indian Currency Banknotes.
  Dennis has forwarded this communication jointly released by the Ministry of Consumer Affairs, Food and Public Distribution and Reserve Bank of India which aims at familiarising the users with the new changes which are in place in the currency notes of Rs.100/- Rs.500/- and Rs. 1000/- denominations which we will all beusing in the near future. Already Banknotes of these designs are being put into circulation and you may come across them in daily usage.

        Posted on 03.10.2015:  
   

    Today I acquired a Rs.1000/- banknote from a vendor, signed by RBI Governor Raghuram G. Rajan  issued during 2015 with a "Plain" Inset:  

The Front of the Banknote signed by Raghuram G.Rajan bearing a "Plain" Inset issued in 2015.   

The Back of the above Banknote showing the year of issue as 2015.

   This Banknote will be among the last few Banknotes to be printed with the old pattern this year, before the new design Banknotes are circulated by RBI. 

   Posted on 09.11.2015:  

The Front of the Banknote signed by Raghuram G.Rajan bearing an "L" Inset issued in 2015. 

      The Back of the above Banknote showing the year of issue as 2015.     

The Front of the Banknote signed by Raghuram G.Rajan bearing an "R" Inset issued in 2015.     

The Back of the above Banknote showing the year of issue as 2015.   
   Posted on 23.12.2015:
     I have yesterday received the undernoted Banknote from Hirakda (Mr. Hirak Mukherjee) which exhibits the exploding font Serial numbers, but no Bleed lines:       

         The above is an image of a Rs.1000/- Banknote , bearing  an "L" Inset and Serial No. 3AU 177330 , in an "Exploding Font" format, but not exhibiting the six "Bleed lines", which have been introduced in later Banknotes which are now going to be in circulation. Banknotes like the one above are a kind of "experimental Banknotes" with "Exploding Fonts" which have been introduced by RBI in very small quantities and are much sought after by Banknote Collectors.        

     The Back of this Banknote is identical to previously issued designs and exhibits no change and shows the year of issue as "2015".

    Posted on 24.11.2015:

        

    I have just now received  the undernoted Rs.1000/- Banknote given to me by my brother-in-law Hirakda (Mr. Hirak Mukherjee) exhibiting the "six bleed lines" in a 1-2-2-1 format on both sides of the Front of this Banknote,as well as the exploding font features. Notice that the Serial Number "0AB 132432" is in an "exploding font" style. Also, the size of the "diamond" on the left periphery which is meant as an Assist for the visually challenged persons, in addition to the “Bleed Lines” has been somewhat made larger.
Get ready to see more of these Banknotes in usage, as they will now replace the older pattern.

 
The Back of this Banknote is identical to previously issued designs and exhibits no change. The year of issue is shown as "2015".
    Posted on 06.02.2016:
     Ayesha and Zaheer Hasan have sent me images of the following interesting error Banknote:
  

     The Front of a Rs.1000/- Banknote bearing Serial no. 2HH 913952 having an "L" Inset issued in 2012 during the tenure of RBI Governor D.Subbarao which exhibits normal/regular features on this face.

    The Back of the above Banknote however, shows an error Reverse Print of Mahatma Gandhi's portrait as well as the name of the Reserve Bank of India and the Government Guarantee Clause.

     Posted on 10.05.2016:
    The undernoted  Banknote images have been sent to me by Zaheer Hasan to illustrate some of the recent issues in 2015 and 2016:

    The above is an image of a Rs.1000/- Banknote , bearing  an "L" Inset and Serial No."6AB 461687" in an exploding font format and with 6 Bleed lines on the left and right peripheries, issued in 2015.         

The Back of this Banknote is identical to previously issued designs and exhibits no change. The year of issue is shown as "2015". 

The above is an image of a Rs.1000/- Banknote , with  a "Plain" Inset and Serial No."0BA 510310" in an exploding font format and with 6 Bleed lines on the left and right peripheries, issued in 2016.        

The Back of this Banknote is identical to previously issued designs and exhibits no change. The year of issue is shown as "2016".

  

   Posted on 09.11.2016:

Fighting Black Money in India:

After the recently closed Black Money Voluntary Disclosure Scheme, which closed on end September 2016, the Government of India has brought in a major step on 08.11.2016 in its war against corruption, terrorism and black money.

Before the present Government took over the reins of Government about two years ago, India ranked around 100 in global rankings of corruption. Presently, it ranks 76^th.

Black Money estimated at about Rs.1.25 lakh crores has been brought back to India according to Indian Prime Minister Narendra Modi. Nevertheless, this is not an exemplary position to be in, as such, the Government has taken some drastic measures:

The Indian Prime Minister Narendra Modi in a televised address to the nation on 08.11.2016 evening announced the demonetisation of the presently circulating higher denominations of currency viz. Rs.500/- and Rs.1000/- with effect from the coming midnight i.e. midnight of 08.11.2016. He stated that the Banknotes of these denominations will “just be worthless pieces of paper”. The Banknotes of all the lower denominations of Rs.100/-, Rs.50/-, Rs.20/-, Rs.10/-, Rs.5/-, Rs.2/- and Re 1/- and all coins will continue to be accepted as legal tender. In addition, new Banknotes in the denominations of Rs.2000/- and Rs.500/- will be introduced.

Also, there will be no change in any other form of currency exchange i.e. cheques, Demand Drafts, credit card or debit card payments.

This has been necessitated as the Government has been fighting the menace of black money and corruption over the past two years when it was voted to power.

To facilitate the smooth transition to the new money regime, Banks will be closed on 09.11.2016.

Presently, Rs.500/- and Rs.1000/- Banknotes which have been demonetised account for 86.4 % of the total value of Banknotes which were in circulation as of 31.03.2016.

Some instances, where the Rs.1000/- and Rs.500/- old Banknotes can still be used:

Existing Rs.500/-  and Rs.1000/- Banknotes will be accepted till 11.11.2016 at Government hospitals, pharmacies in Government hospitals (with prescriptions), Railway counters, Government buses, Airline counters, petrol pumps, Cooperative stores run by Government, milk booths of State agencies, crematoria and burial grounds.

The result of this announcement:

I saw huge crowds of four wheelers and two wheelers at petrol pumps which stayed open, but several petrol pumps closed before time.

Two Shopping Malls in the vicinity of my residence remained open till midnight and saw unprecedented rush of shoppers, as Banknotes of Rs.1000/- and Rs.500/- denominations remained legal tender till midnight of 08.11.2016.

Several persons stood patiently in serpentine queues to withdraw small denomination Rs.100/- Banknotes to meet their expenses over the next few days, as a result, several ATMs went out of cash.

What else?

On 9^th and 10^th November 2016, ATMs will not work, as smaller denomination banknotes will be arranged for by the ATM Management Groups/Banks.

All Banks will remain closed on 09.11.2016.

From 10.11.2016 to 31.12.2016, customers can deposit Banknotes of Rs.500/- and Rs.1000/- in any Bank or Post Office. However, there is a condition – the depositor will have to show a proof of identity. One can deposit any amount into one’s own account, but if KYC documents have not been submitted, the limit is Rs.50,000/-

This condition will be relaxed somewhat, as after 31.12.2016, one can still deposit old Banknotes with valid ID proof  at specified offices of RBI, to be intimated later till 31.03.2017.

No restrictions on payments by cheques, DD, debit/credit cards & electronic fund transfer (EFTs) has been made.

From 10.11.2016, Banks and Post Offices will operate for extended hours to facilitate the unprecedented rush of deposit of the cash  into deposit accounts.The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

Depositors can withdraw up to Rs.2,000/- per day per card from ATMs till November 18 and Rs.4,000/- per day per card after this date.

The ATMs will resume functioning from November 11, 2016 upon their recalibration to dispense bank notes of the denominations of Rs.50/-, Rs.100/- Rs.500/- and Rs.2,000/-
Further, so as to ensure customer convenience, banks are also advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till 30 Dec 2016. It has also been decided that banks may fix a limit of Rs 2000/- per day per card withdrawal limit at ATMs, for all their customers, till November 18, 2016.
  For deposits being made at Banks and other establishments, please note, that one will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

Thereafter, one can withdraw up to Rs.10,000/- per day and Rs.20,000/- per week either through withdrawal slips, cheques or through ATMs from Banks till 24.11.2016. After this date, the limit will be raised.

Freshly designed Banknotes of Rs.500/- and Rs.2000/- with chips in them will be introduced on Thursday, i.e. 10.11.2016.

One can contact the following RBI & Government helpline numbers for any query – 022-22602201 and 022-22602944 (RBI) and Ministry of Finance: 011-23093230.

Property prices could drop substantially in the secondary market, as there is an estimated 60:40 (Legal-to-Black money ratio) in operation as at present.

This step is also aimed at stamping out the menace of corruption and terror funding, as terrorists from across the border have been using fake currency notes.

A word of caution:

One can also deposit the demonetised currency in someone else’s account with written authorisation and one’s ID proof.

The Government/RBI has cautioned citizens against exchanging other person’s unaccounted cash at Banks/Post Offices. Security cameras will monitor transactions at branches and the exchange will be recorded.

Introduction of the new denominations of Rs.2000/- and R.500/-:

Reserve Bank of India has yet to decide the limit for individuals for possession of Banknotes of higher value i.e. Rs.2000/- and Rs.500/- which will be put into circulation from 10.11.2016.

 The Front of the new Rs.2000/- Banknote which is now going to be in circulation wef 10.11.2016    

The Back of the new Rs.2000/- Banknote shows the Mangalyaan which is the Mars Orbiter    

The salient features of the new Rs.2000/- Banknotes are:

The Series will be called the Mahatma Gandhi (New) Series.

The Banknotes will bear the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will start from 2016 which will be printed on the Back of the Banknote.
The new denomination has the motif of the "Mangalayan" on the Back, which is India's first venture in inter-planetary space.
The base colour of the Banknote is magenta .
The Banknote has other designs, geometric patterns aligning with the overall colour scheme, both on the Front and Back. 

Other important features of the Banknote:

On the Front: See through Register with denominational numeral 2000

Latent image with denominational numeral 2000

Denominational numeral 2000 in Devnagri

Portrait of Mahatma Gandhi at the centre

Micro letters “RBI” and “2000” on the left side of the Banknote

Windowed security thread with inscriptions “Bharat” (in Hindi), RBI and 2000 on Banknotes with colour shift. Colour of the thread changes from green to blue when the Banknote is tilted

Guarantee Clause, RBI Governor’s signature with Promise Clause and RBI emblem towards the right

Denominational numeral with Rupee symbol “R 2000” in colour changing ink (green to blue) on bottom right, Ashoka Pillar emblem on the right.

Watermarks: Mahatma Gandhi portrait and electrotype (2000).

Number panel with numerals growing from small to big on the top left side and bottom right side

For visually impaired:

Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, Bleed lines and identity marks.

Horizontal rectangle with “R2000” in raised print on the right.

Seven angular bleed lines on the left and right side in raised print

Other features:

Year of printing on the Banknote on the left

“Swachh Bharat” logo with slogan

Language Panel towards the centre

Motif of Mangalyaan

Denominational numeral “2000” in Devnagri

Size/Dimensions of the Banknote: 166 mm x 66 mm

The Front of the new Rs.500/- Banknote which is now going to be in circulation wef 10.11.2016   

The Back of the new Rs.500/- Banknote shows the Red Fort in New Delhi
 The salient features of the new Rs.500/- Banknotes are:

The Series will be called the Mahatma Gandhi (New) Series.

The Banknotes will bear the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will start from 2016 which will be printed on the Back of the Banknote.
The new Banknote is different from the present series in colour, size, theme, location of security features and design elements.
The colour of the Banknote is stone-grey.
The Banknote has a pre-dominant new theme - Indian heritage site - Red Fort.

On the Front: See through Register with denominational numeral 500

Latent image with denominational numeral 500

Denominational numeral 500 in "Devnagri"

 Portrait of Mahatma Gandhi at the centre

Micro letters “RBI” and “500” on the left side of the Banknote

Windowed security thread with inscriptions “Bharat” (in Hindi), RBI and 500 on Banknotes with colour shift. Colour of the thread changes from green to blue when the Banknote is tilted

Guarantee Clause, RBI Governor’s signature with Promise Clause and RBI emblem towards the right

Denominational numeral with Rupee symbol “R 500” in colour changing ink (green to blue) on bottom right, Ashoka Pillar emblem on the right.

Watermarks: Mahatma Gandhi portrait and electrotype (500).

Number panel with numerals growing from small to big on the top left side and bottom right side

For visually impaired:

Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, Bleed lines and identity marks.

Horizontal rectangle with “R500” in raised print on the right.

Five angular bleed lines on the left and right side in raised print

On the Back:

Year of printing on the Banknote on the left

“Swachh Bharat” logo with slogan

Language Panel towards the centre

Motif of Red Fort, New Delhi

Denominational numeral “500” in Devnagri

Size/Dimensions of the Banknote: 150 mm x 63 mm  

  A cartoonist's impression of how the demonetised Banknotes can be used - by eating snacks on them. 

This is a handy chart showing the various dates and options available to the customers/depositors  

This form is to be filled in , in case the demonetised currency is being deposited in a non-home Branch/Post Office.

 



 

 Links to other posts on Indian Currency denominations on this blog:

1) Introduction of the new Rs.2000/- denomination in Indian Currency circulation wef 10.11.2016 

2) Classification and Valuation of Rs.1000/- denomination Banknotes 

 3) Classification and Valuation of Rs.500/- Banknotes

  4)Classification and Valuation of Rs.100/- Notes

5) Classification and Valuation of Rs.50/- Notes 

6) Classification and Valuation of Rs.20/- Notes 

7) Classification and Valuation of Rs.10/- Notes 

8) Classification and Valuation of Rs.5/- Notes 

9) Evolution and Valuation of one Rupee Banknotes in India

10) Did-you-know-series-1: Assists for identification of Currency Notes by visually challenged users 

11) Did-you-know-series-2-what-is-design-or focus of the picture at the back of circulating Currency Notes in India? 

12) Are you carrying a Fake Rs.500/- Banknote in your purse/wallet?: A comprehensive study 

13) Introduction of a Rs.200/- Banknote wef 25.08.2017: Reasons for introduction, Necessity & convenience to Users

Some interesting links on Indian coins on this Blog:

1) Independent India issues: The evolution of the One Rupee Coin, the staedy building block of the Indian Monetary System

2) The Frozen Series and the early Indian Government issues

3) The Indian Coinage Act 1957 and the Decimal Series - 1957-64

4) The Aluminium Series 1964-1999

5) Independent India issues: The introduction and experiments of social themes on the two-rupee coins

6) Foreign mints which have minted coins for India and identification of their mint marks

7) Indian Mints & their mint marks

8) The introduction and stabilisation of the Five Rupee Coin in the Indian context

8) Independent India issues: 25 Paise Coins: the journey from usage over five decades to stepping into history

9) Fifty Paise Coin: The lowest denomination coin presently in circulation: Is it next on the chopping block?

10) Post Independence India Issues: Commemorating Sports in Indian Coinage

11) A Proof Coin set of Indian Coins from 1973, issued by the then Bombay Mint (present day Mumbai Mint), which includes Coins in the denominations of 1 Paise to 20 Rupees