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Friday, 2 December 2016

398) Introduction of the new denomination of Rs.2000/- in Indian currency circulation wef 10.11.2016:

398) Introduction of the new denomination of Rs.2000/- in India currency circulation wef 10.11. 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. 

Introduction of the Rs.2000/- denomination Banknotes

As on date,  the four printing presses are working three shifts as against the normal two shifts every 24 hours

This will definitely result in several processes being given a go by and several error notes being put into circulation.The machines will also get over-heated and result in break-downs. 

Also, 11 years worth of High Denomination Banknotes representing about 86 % of currency in operation has been taken out. So far only 20% 2000/- Rupee Notes and 10% 500 Notes have been printed. The whole process will take a minimum of 7 to 10 months.

Long lines of harassed customers are queueing up  at Banks and ATMs for urgent drawal of cash which is presently available in extremely short supply, for which daily/weekly limits have been set by the Ministry of Finance/Reserve Bank of India/individual Bank branches etc.

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 permitted for individual withdrawals, once the cash situation has eased up and sufficient pieces of currency notes have been put into circulation

Meanwhile, credit card and debit card usage has increased tremendously - I saw a customer paying for a Rs.10/- biscuit packet with a credit card yesterday. He had no cash - not out of his progressive outlook, but because there was no money in the ATMs he visited

 The Front of the new Rs.2000/- Banknote which is now  in circulation wef 10.11.2016  (Specimen Banknote - Front)  
The Back of the new Rs.2000/- Banknote shows the Mangalyaan which is the Mars Orbiter  (Specimen Banknote - Back)  

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

The Series is called the Mahatma Gandhi (New) Series.

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

The year of printing has started 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

Some features on the Back:

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 a Two Thousand Rupees Banknote issued with a "Plain Inset" and the Serial number 8AD 020761 shows a portrait of Mahatma Gandhi with has been shifted to the Centre.
 The Back of the above Banknote shows the year of issue as 2016 on the left side (shifted from the bottom of the Banknote as in other denominations in circulation. The slogan "Ek Kadam Swacchata Ki Ore" (A step towards cleanliness) appears on the left bottom. The predominant image is of the Mars Orbiter Mission (MOM) titled "Mangal Yaan" (meaning "Mars SpaceCraft")
 The Front of a Two Thousand Rupees Banknote issued with an "R Inset" and the Serial number 0BT 939420 shows a portrait of Mahatma Gandhi with has been shifted to the Centre.

 The Back of the above Banknote shows the year of issue as 2016 on the left side (shifted from the bottom of the Banknote as in other denominations in circulation. The slogan "Ek Kadam Swacchata Ki Ore" (A step towards cleanliness) appears on the left bottom. The predominant image is of the Mars Orbiter Mission (MOM) titled "Mangal Yaan" (meaning "Mars Space-Craft")

Posted on 21.02.2017:

Yesterday, I have acquired the following Banknote of Rs.2000/- which has been issued by the Reserve Bank of India in 2017. The intriguing part about this issue is that no RBI "Press Notification" has been issued/posted on the RBI website till yesterday evening, as per the normal practice followed by RBI:
 The Front of a Two Thousand Rupees Banknote issued with a "Plain" and the Serial number "1MN 461054" in an exploding font shows a portrait of Mahatma Gandhi in the Centre among other features
The Back of the above Banknote shows the year of issue as "2016" on the left side (shifted from the bottom of the Banknote as in other denominations in circulation. The slogan "Ek Kadam Swacchata Ki Ore" (A step towards cleanliness) appears on the left bottom. The predominant image is of the Mars Orbiter Mission (MOM) titled "Mangal Yaan" (meaning "Mars Space-Craft")

 Posted on 02.07.2017

Yesterday, I drew some money from an ATM which was one of the first few in the locality to start dispensing money after demonetisation of Rs.1,000/- Banknotes and the old design issues of Rs.500/- Banknotes in November 2016. 

There is a rumour being circulated on "WhatsApp" groups that the Banks are slowly withdrawing Rs.2,000/- denomination Banknotes and flooding Rs.500/- denomination Banknotes into general circulation (ostensibly for the purpose of dissuading unscrupulous persons from "hoarding" Black Money in the larger denomination). Well, this ATM gave me only crisp Rs.2,000/- denomination Banknotes all printed in 2017, which should put the rumour to rest:
 The Front of a Two Thousand Rupees Banknote issued with an "R" and the Serial number "1HT 782787" in an exploding font shows a portrait of Mahatma Gandhi in the Centre among other features

The Back of the above Banknote shows the year of issue as "2017" on the left side (shifted from the bottom of the Banknote as in other denominations in circulation. The slogan "Ek Kadam Swacchata Ki Ore" (A step towards cleanliness) appears on the left bottom. The predominant image is of the Mars Orbiter Mission (MOM) titled "Mangal Yaan" (meaning "Mars Space-Craft")













 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 

 Classification and Valuation of Rs.500/- Notes 

  Classification and Valuation of Rs.100/- Notes

Classification and Valuation of Rs.50/- Notes 

Classification and Valuation of Rs.20/- Notes 

Classification and Valuation of Rs.10/- Notes 

Classification and Valuation of Rs.5/- Notes 

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

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

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


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