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Thursday, 29 December 2011

DID YOU KNOW SERIES (10); TEN RUPEE NOTES; CLASSIFICATION AND VALUATION.


DID YOU KNOW SERIES (10); TEN RUPEE NOTES;
CLASSIFICATION AND VALUATION.



6) TEN RUPEE NOTES:
CLASSIFICATION AND VALUATION.

Historical Reference:

1)      Sir C.D. Deshmukh (Reserve Bank of India –RBI Governor from 11.08.1943 to 30.06.1949) was the only Governor of RBI who served during the British India Rule as well as during Post-Independence India. 
  
My sister Raka has contributed an image of a ten-rupee Note from her collection, which was issued with his signatures during the British period, for this Post.

The front of this Note has the portrait of George VI facing front. The serial number of the Note is below the window displaying his portrait and is mentioned at one place only (unlike present day issues). The signature of RBI Governor C.D.Deshmukh is given below the white water-mark window. Notice that the language mentioned on this side of the Note is English only. The numeral “10” figures prominently on both the top left and right hand corners of the Note. The Governor’s undertaking “to pay the bearer the sum of TEN RUPEES on demand at any office of issue” is mentioned in five lines, below which is mentioned “10 Rupees” in two places. In 1968 the words “on demand” were removed from the RBI Governor’s promise and these words are not found on present day issues. Various colours are found on this Note (Violet, Red, Brown, Orange and Green) along with a rudimentary security thread. The size of the Note was 80 x 140 mm (approx.)


The back/reverse of the above Note shows 7 Regional Languages in the Languages Panel. The main language is entirely English at the back too. The numeral “10” appears on the top left and right hand sides. The words “Rupees ten” and “Ten Rupees” appear on the bottom left and right hand sides respectively. A picture of a two-masted, three-sail cargo-laden boat/dhow (defined as a native Arab/Indian sailing vessel used on the Arabian Sea, generally with a single mast capable of carrying 100 to 200 tons of cargo), sailing ahead, with mountains to the left and clouds above is depicted in the centre. This Note was in circulation, in Post-Independence India as well, till it ceased to be legal tender in October 1957.The value of this Note in mint condition would be about Rs.2500/- to about Rs.10000/-.
 The undernoted images are of a ten rupee Banknote issued with the front-facing image of George VI, signed by C.D. Deshmukh, from the collection of Jayant Biswas, a leading numismatist and currency collector based in Pune.


2)  Post Indian Independence, the first ten rupee Independent India Note was issued under C.D.Deshmukh’s signature as well. A large image of the Asoka Lion Capital (the official symbol of Sovereignty of the Government of Independent India, replaced the portrait of George VI. The language on this Note was again English only, except for the Indian languages depicted on the Languages Panel at the back. Also, the sailing boat/dhow image was continued as in the earlier ten rupee notes. This note is much sought after by collectors and, in mint condition, can fetch a seller from somewhere between Rs.20000/- to Rs.40000/-.

The same design was continued during the tenure of Sir B.Rama Rau (RBI Governor from 01.07.1949 to 14.01.1957 during the early pat of his tenure, in January 1950. Later, in August 1951, the design was altered to include Hindi on the front/face of the Note but only to mention the denomination of the Note “Dus Rupiya” (Ten Rupee). However, the Hindi translation was incorrect and was corrected in later notes issued in April 1953, to read as “Dus Rupiye” (Ten Rupees) instead of “Rupiya”.
Given below is an image of a ten Rupee Note issued during Sir B. Rama Rau’s tenure, in my collection, with the incorrect Hindi spelling “Dus Rupiya” indicating that the vintage of this Note is around 1952/1953 (it is issued with an “N” Prefix).Also, notice that the serial number of the Note is mentioned in two places on the bottom, on either side of the RBI Governor’s signatures.

The undernoted image is that of the back/reverse of the above Note continuing with the image of the three sail sailing boat and 7 Regional Indian languages. The “Ten Rupees” in English shown on the right hand side of the Note issued during the British period, has been replaced by “ Dus Rupiya”, in Hindi (again, incorrect Spelling) which was corrected in later Notes to “Rupiye”. 

The design with the corrected Hindi spelling was continued during the tenures of H.V.R.Iyengar (RBI Governor from 01.03.1957 to 28.02.1962) and P.C.Bhattacharya (RBI Governor from 01.03.1962 to 30.06.1967). Also, the number of Regional languages at the back were raised to 13.

The size of these Notes was 83 x 146 mm. The value of these Notes ranges between Rs.10000/- (for earlier issues) to about Rs.1500/- for later issues.

      3) Also, during P.C. Bhattacharya’s tenure a much smaller ten rupee Note was issued with an     ornamental numeral “10”. The size of this Note was 63 mm x 137 mm. The Lion capital and the white water mark window were also proportionately reduced in size.

             4) The same design was continued during the tenure of L.K. Jha. (RBI Governor from 01.07.1957 to 03.05.1970). Another new design was introduced in 1968, during his tenure, wherein, as mentioned above, the words “on demand” were removed from the Governor’s promise to pay a sum of ten rupees to the bearer. Also, for the first time, the Governor’s promise to pay the bearer a sum of ten rupees appeared in Hindi on the right hand side of the prominent white numeral “10” in the middle of the front side of the Note. Another addition was that, below the “Reserve Bank of India” in English on the front side, the words “Bhartiya Reserve Bank “were mentioned in Hindi for the first time on this Note. Also, the RBI Governor’s signatures appeared in Hindi for the first time. On the back of the Note, the sailing boat design was continued.

Also, when the country was celebrating the birth centenary of Mahatma Gandhi in 1969, a ten rupee note with Mahatma Gandhi’s portrait on the back was also issued in 1969 during L.K.Jha’s tenure. The same design was carried on ten rupee notes issued during the tenure of B.N.Adarkar (RBI Governor from 04.05.1970 to 15.06.1970). However, during the tenure of S. Jagannathan (RBI Governor from 16.06.1970 to 19.05.1975, the three-sail boat/dhow was found on the ten rupee note issues, on the back of the Note.


Given above is the front side image of a ten rupee Note issued under S. Jagannathan’s signature with an “A” Inset. (Notice the faint “A” alphabet behind the letter 2 in the serial number of the Note. Also notice the RBI Governor’s signatures in both Hindi and English.


On the back of the Note, notice that there are  13 Regional languages in the Languages panel along with the sailing boat design which is being continued from the British India times.
(The value of the Note given above in mint condition would be about Rs.100/- to Rs.300/- for collectors).
This design was continued during the tenures of K.R.Puri (RBI Governor from 20.08.1975 to 21.05.1977), M.Narasimhan 02.05.1977 to 30.11.1977) Dr.I.G.Patel (01.12.1977 to 15.09.1982), Manmohan Singh (16.09.1982 to 14.01.1985), Amitav Ghosh (15.01.1985 to 04.02.1985), R.N. Malhotra (04.02.1985 to 22.12.1990) and S. Venkitaramanan (RBI Governor from 22.12.1990 to 21.12.1992).

A new design Note with a larger Lion Capital on the face and two peacocks, birds, lotus, deer and horse at the back was, also issued during the tenures of S.Jagannathan, K.R. Puri, and M. Narasimhan. I.G. Patel, Manmohan Singh and R.N. Malhotra.


Another design was introduced at the back of the ten rupee Note during S.Venkitaramanan’s tenure when the Shalimar Gardens replaced the peacocks etc.design. The water-mark window on this Note looked like a “D”.  An image of one such Note issued with a “D” shaped water-mark window is given above. Also notice that in this Note, “Bhartiya Reserve Bank” in Hindi is placed above the “Reserve Bank of India” in English, as is the Central Government’s Guarantee. Also, the RBI Governor’s promise to pay the sum of ten rupees to the bearer is mentioned in Hindi first (on the left hand side) and then in English (on the right hand side). This note is issued with a “Plain Inset” in the background of the serial number.


This note is also issued during S.Venkitaramanan’s tenure, but with an “A” Inset. Ten rupee notes were also issued with this design during his tenure with “Plain Inset”.


The Shalimar Gardens are pictured on the back of both the above notes. Also, notice that the watermark “D” is more elongated on the back than at the front of the Note. No year of issue is mentioned at the back of this Note. The year of issue is mentioned at the back of ten rupee Notes from 2006 onwards only.

             This design notes were, also, issued during RBI Governor C.Rangarajan’s tenure (22.12.1992-22.11.1997.         

     
The image of a ten rupee note issued during Dr.C.Rangarajan’s tenure with an”A” Inset in the serial number.


This ten rupee note was issued during Dr.Rangarajan’s tenure with a “B” Inset.



A ten rupee note issued with a “C” Inset under Dr. Rangarajan’s signatures.


A ten rupee note issued with a “D” Inset during Dr. Rangarajan’s tenure. (Ten rupee Notes were also issued with “E” Insets during his tenure with the same design).


The "Diwan-i-Khas" of the Shalimar Gardens are pictured on the back of all the above notes. Also, notice that the watermark “D” is more elongated on the back than at the front of the Note. No year of issue is mentioned at the back of this Note.


During Dr. Rangarajan’s tenure, the design on the ten rupee notes was changed and the large Lion Capital of Emperor Asoka / symbol of Sovereignty of the Indian Government was replaced by a portrait of M.K. Gandhi (short for Mohandas Karamchand Gandhi, or Mahatma Gandhi, the Father of the Indian Nation)on the right hand side window. The much smaller Lion Capital moved to the bottom left hand side of the note. His name was spelt as “Mo.Ka.Gandhi” in Hindi and “M.K.Gandhi” in English below his portrait.  An ornamental numeral “10” replaced the plain white-coloured numeral “10” in the centre; a stylized white elongated D-shaped water-mark window on the left hand side now contained a Mahatma Gandhi portrait in the water-mark window, as well. This Note which is in a soiled condition has been issued with an “M” Inset in its serial number.


On the back of the Note, floral motifs and the figures of a Rhinoceros, Bengal Tiger and an Indian Elephant, all facing in different directions replaced the earlier design of the Shalimar Gardens. Also, the number of Regional Indian Languages on the Languages Panel on the left was raised to 15. The numeral “10” appears at three places – top left, top right and bottom left. The denomination of the note “TEN RUPEES” appears in words on the bottom right. (Such notes were also, issued during Dr. Rangarajan’s tenure with L, R and Plain Insets). 

(The value of all these notes issued during Dr. Rangarajan’s tenure, in mint condition, could be about Rs.100/- for earlier issues to about Rs.50/- for later ones, for collectors. Sometimes, one may still come across these notes in circulation in relatively good condition, but their numbers are dwindling fast).

This design was also continued during the tenure of Dr.Bimal Jalan (RBI Governor from 22.11.1997 to 06.09.2003), Dr. Y.V.Reddy (RBI Governor from 06.09.2003 to 05.09.2008) and is carried on present day issues under the signatures of Dr. D.Subbarao (RBI Governor 06.09.2008 onwards).
 The Front of a Note issued during the tenure of Dr. Bimal Jalan, with a "B" Inset.
The Back of the above Banknote does not display the Year of issue.

The front of a Note issued in 2007, under Dr. Y.V.Reddy’s signatures with an “A” Inset in its serial number. Also the name of M.K.Gandhi has now been changed to read as “Mahatma Gandhi” in both Hindi and English. “A” Inset Notes were also issued under Dr. Reddy’s signatures, with no year mentioned on the back (i.e. prior to 2006), in 2006 and 2008.


The front of a Note issued in 2007, under Dr. Y.V.Reddy’s signatures with an “M” Inset in its serial number.   “M” Inset Notes were also issued under Dr. Reddy’s signatures in 2008.


 The front of a Note issued in 2006, under Dr. Y.V.Reddy’s signatures with an “L” Inset in its serial number. “L” Inset Notes were also issued under Dr. Reddy’s signatures in 2007.

Ten rupee Notes were also issued with Plain, R and S Insets in the serial numbers during Dr. Reddy’s tenure.


A specimen image of the back of all the above notes issued with the same design as that issued during Dr.Rangarajan’s tenure.
The value of these Notes in mint condition would range from about Rs.25/- to Rs.50/- for the earlier issues and the type of Insets, gradually reducing to around face value for the later ones, depending on the collector’s interest.

I have in my collection similar design Notes were issued during Dr.D.Subbarao’s tenure with Plain Inset (2008, 2009, 2010 and 2011), “A” Inset (2009 and2010), “L” Inset ( 2009 and 2010), “M” Inset (2010), “R” Inset notes (2009 and 2010), “N” Inset Notes (2011), “S” Inset notes (2010 and 2011) and  “B” Inset Notes ( 2011).

 
Note issued with a Plain inset.

Note issued with an "A" Inset.



Note issued with an "L" Inset.

Note issued with an "M" Inset.


Note issued with an "R" Inset.
Note issued with an "N" Inset.
Note issued with an "S" Inset.

Note issued with a "B" Inset.
Back of the Note issued with "B" Inset in 2011. It is similar to the back of all the Notes depicted above.
The value of 10 rupee notes issued during Dr. Subbarao’s tenure ranges from about Rs.25/- toRs.50/- for earlier issues in mint condition(and the type of Insets), to face value for the later ones, depending on the Collector’s interest and requirement.

Star series Notes:

Whenever defective notes are printed, particularly from Rs.10/- to Rs.100/- denominations, the Security Printing Presses have adopted a “Star” series numbering system for replacement of these defectively printed Notes. The numbering on the replacement Notes is exactly like the normally printed ones, but have an additional feature i.e. a “STAR” (*) is added in the serial number in the space between the prefix and the number. The main significance of these notes, besides the “STAR” is that, although, these notes would be issued in packets of 100 each, these bank notes would not be serially numbered. To enable easy identification, the bands on these packets will clearly indicate that the packet contains star-series banknotes. The notation on the band of such note packets normally is “contains non-serially numbered notes with * in the number panel”, both in Hindi and English.

The above is an image of a ten rupee note containing a “star” * in the number panel, issued in 2010 with an “M” Inset, collected for me from general circulation by Krishna.


 Another ten rupee note picked up by me at the Food Court of a leading Shopping Mall in my area, exhibiting the "star" * in the number panel with a "P" Inset , again issued in 2010.

The value of such notes in mint condition increases substantially from say, about 7-10 times the face value, to about a few thousands of rupees , depending on its value for collectors and the serial number it contains/ Inset etc.

Recently, the Reserve Bank of India in its periodical design changes has introduced new Currency Notes in the denominations of Rs.1000/-, Rs.500/-, Rs.100/- and Rs.10/-. The Old design on the currently circulating Mahatma Gandhi  Notes has been retained in the new series, but the new “Rupee symbol” has been introduced in two places on the front side just before the denomination of the currency note as well as , before two denomination numerals on the top of the back of the Notes.
 I happened to acquire two five hundred notes with the rupee symbol and ten one hundred rupee notes from a Bank ATM near my residence on the 01.01.2012 which had placed these new design notes in their ATM as a “New Year’s Gift” to customers. I happened to be the first one to receive these notes. Later on, while passing through the same area, I saw that the ATM withdrawal line had really built up to a serpentine queue and the ATM cash was being reloaded which meant that the message to collect the new design notes had spread fast!!
Also, I acquired two ten rupee Notes from a provision shop which had no idea that the ‘00E” prefix meant that these were close to being the very first few issues.

Notice that the rupee symbol appears before the numeral “10” on the upper side of this Note.




Notice that the Rupee symbol appears before the numeral “10”  in two places on the top of this Note and the symbol does not appear before the numeral “10” on the lower/bottom side.

Posted on 24.12.13: 

Raghuram Govinda Rajan has taken over from Dr. D.Subba Rao as Reserve Bank of India Governor wef 04.09.2013. It was announced by RBI that ten rupee Banknotes signed by him will be released in October 2013, however, these Banknotes bearing his signatures got released for general circulation in November 2013. I had been on the lookout for acquiring one of these early releases. My opportunity came today when I obtained the undernoted Banknote today from  my brother-in-law Mr. Dipak Mukherjee who had got this Banknote in general circulation. There are rumours afloat in Numismatic/currency collectors circles that with the doubling of minting capacity of the Mumbai mint shortly,  ten rupee coins may replace the ten rupee Banknotes. If this is indeed so, then, these could be the last few ten rupee Banknote issues signed by any RBI Governor.

The Front of the Banknote bearing Raghuram G. Rajan's signatures issued with a Plain Inset in 2013.

The Back of the above Banknote showing the year of issue as 2013.
 The Front of the Banknote bearing Raghuram G. Rajan's signatures issued with an "L" Inset in 2013.
 The Back of the above Banknote showing the year of issue as 2013.

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 14.05.2014

The present RBI Governor Raghuram G. Rajan's  signed Banknotes still continue to be scarce in general circulation. I happened to collect the undernoted Banknote during shopping at a Mall today:

The Front of the Banknote bearing the present RBI Governor, Raghuram G. Rajan's signatures issued in 2014 having an "L" Inset.

The Back of the above Banknote showing the year of issue as 2014. This is the first Banknote in any denomination which I have collected from general circulation which is issued in 2014. Although it is slightly worn out with rough usage, I could'nt help it but place it on this post.

Posted on 07.07.14:

 The above is an image of the Front of a Banknote signed by Raghuram G. Rajan, RBI Governor, issued with an "R" Inset in 2014 acquired by me in a Car Park yesterday.
The Back of the above Banknote showing the year of issue as 2014. Notice that although the Banknote has been issued very recently, it has become badly soiled with just a little bit of circulation. I am now on the lookout for a mint condition Banknote with  an "R" Inset signed by Rajan. Perhaps, there is a case for trying out polymer Banknotes by RBI at the earliest, which have a longer lasting circulation life and are in better condition with use, than this specimen.

Posted on  14.07.14:



 The above is an image of the Front of a Banknote signed by Raghuram G. Rajan, RBI Governor, issued with an "A" Inset in 2014

The Back of the above Banknote showing the year of issue as 2014. Notice that  this Banknote  issued very recently,  has, also, become badly soiled with just a little bit of circulation.

Posted on 31.12.14: 

 The Reserve Bank of India (RBI) has extended the deadline for turning in pre-2005 Banknotes to 30.06.2015. While 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 25.01.15:

The above is an image of the Front of a Banknote signed by Raghuram G. Rajan, RBI Governor, issued with a "B" Inset in 2014 which I picked up at the Empress Garden Flower show in Pune yesterday at one of the stalls.

 The Back of the above Banknote showing the year of issue as 2014.

Posted on 14.02.15:

 The above is an image of the Front of a Banknote signed by Raghuram G. Rajan, RBI Governor, issued with an "M" Inset in 2014 which I collected at a shopping mall. It is rather soiled, as such I will have to replace it with a mint condition Banknote as & when I receive one.

 The Back of the above Note showing the year of issue as 2014.

Posted on 17.02.15:

Today I have acquired my first Star Series banknote  containing a “star” * in the number panel, issued during the tenure of RBI Governor Raghram G. Rajan issued in 2014 with an “A” Inset, collected for me from general circulation by Krishna.
 The Front of the Star Series Banknote bearing the serial number 28A*317794, with the Inset "A" bearing the signatures of the present RBI Governor Raghuram G. Rajan.
 The Back of the above Banknote, showing the year of issue as 2014.

Posted on 27.02.2015

  The above is an image of the Front of a Banknote signed by Raghuram G. Rajan, RBI Governor, issued with an "S" Inset in 2014, contributed for my collection by Dennis & Maggie who are visiting us at Pune .
The Back of the above Note 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 03.07.2015:

I picked up my first Ten rupee banknote issued in 2015, from a Mall yesterday.
The above is an image of the Front of this Banknote signed by Raghuram G. Rajan, RBI Governor, issued with an "N" Inset in 2015. Someone has scribbled 1000/- on the watermark window, spoiling this Banknote. I will be on the lookour for a mint condition replacement.
The Back of the above Note showing the year of issue as 2015.

Posted on 14.09.2015: 

I collected a Rupees Ten Banknote yesterday issued with a "B" Inset this year.
The above is an image of the Front of this Banknote signed by Raghuram G. Rajan, RBI Governor, issued with a "B" Inset in 2015. 
 The Back of the above Note showing the year of issue as 2015.

Posted on 17.06.2016: 
The following interesting Banknote with ascending Serial Number is from the collection of Jayant Biswas, who has acquired it today:

 Rs. 10/- (Rs.Ten) Banknotes with ascending Serial Numbers are now in circulation. This Banknote has been issued with an "L" Inset and the Serial number "23B 294575" in the ascending Serial Number format. No other changes have been introduced on the Front of this denomination.
 The Back of the above note exhibits no changes and is identical to previous issues. This Banknote has been issued in "2016". 

With the RBI Governor Raghuram G. Rajan declining a second term as RBI Governor after the first week of September 2016 these Banknotes should become excellent Collector's items. So be on the lookout for such issues coming into your hands through general circulation.

Posted on 11.08.2016:


The following Banknote issued under the signature of present RBI Governor, Raghuram G. Rajan has an interesting combination of numerals on its Serial numbers:
 There are two "44"s in the prefix and again two "44"s in the Serial number. May not qualify for a "fancy number" Banknote but nevertheless it is is quite interesting. From the collection of Jayant Biswas.
 The Back of the above Banknote indicates that it is a recent one issued in "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 76th.

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 9th and 10th 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.

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.

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 numeral500” 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.
Posted on 07.02.2017:
I have collected the following Banknote while getting a pollution control check on my car done. Got a "Near-Miss" on  getting a fancy number Banknote:
Notice the number of "8s" on the serial number of this Banknote signed by the previous RBI Governor, Raghuram G.Rajan. Even the letter "H" is the 8th letter in the alphabet. A near miss, getting a "fancy number with all "8s"
 The year of issue of this Banknote is "2013", which is also the year that Raghuram G. Rajan took over as RBI Governor in 2013

Posted on 15.05.2017:

Yesterday when I visited a nearby Provision store to collect some Dark chocolates, I asked the Assistant at the counter to whether she had any new Banknotes for my collection. She was quite knowledgeable about Indian currency and asked me straightaway, if I would like to have some of Urjit Patel signed Rs.10/- Banknotes. She immediately checked up the cash drawer and gave me five recently issued mint fresh pieces. Not only that, we discussed about how several customers were still trying to pass onto the store Y.V. Reddy and earlier RBI Governors signed Banknotes without the year of issue printed at the back, which have been withdrawn from circulation by RBI, almost a year ago, but she was wise to their "tricks". We had an interesting discussion on recent changes brought about in  Rs.20/- and Rs.50/- Banknotes as well, along with the possibility of introduction of Rs.200/- denomination notes:
The Front of the Rs. 10/- (Rs.Ten) Banknote with ascending Serial Number signed by the present RBI Governor Urjit R. Patel are now in circulation. This Banknote has been issued with an "L" Inset and the Serial number "81B 423722" in the ascending Serial Number format. No other changes have been introduced on the Front of this denomination. The introduction of this Banknote in the Mahatma Gandhi series-2005 was notified vide a press release (no. 2017-2017/2399 dated 09.03.2017) by RBI. This Banknote is among the first few issues in the Rs.10/- denomination.
 The Back of the above note exhibits no changes and is identical to previous issues. This Banknote has been issued in "2017". 

 














 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