Bank Notes

Nepal to introduce banknotes featuring disputed territories with India

On May 3, Nepal's cabinet, under then-Prime Minister Pushpa Kamal Dahal 'Prachanda', decided to print new banknotes featuring a map that includes disputed territories as part of Nepal

97.92% of Rs 2,000 banknotes returned; Rs 7,409 cr worth still with public

The Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,409 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal was announced, has declined to Rs 7,409 crore at the close of business on July 31, 2024. "Thus, 97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," the central bank said in a statement. The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the Reserve Bank since May 19, 2023. From October 9, 20

No decision to introduce plastic notes: MoS finance to Rajya Sabha

Minister of State for Finance Pankaj Chaudhary on Tuesday said the government has taken no decision to introduce plastic notes. Efforts to enhance the durability and counterfeit resistance of the Indian banknotes is an ongoing process, he said in a written reply to the Rajya Sabha. As per the RBI Annual Report 2022-23, he said, "The total expenditure incurred on security printing stood at Rs 4,682.80 crore for 2022-23. No cost has been incurred on printing of plastic notes". "Government has taken no decision to introduce plastic notes in terms of section 25 of the Reserve Bank of India Act, 1934. Efforts to enhance the durability and counterfeit resistance of the Indian banknotes is an ongoing process," the minister said. In reply to another question, Chaudhary said trading illegal commodities using any kind of assets, including crypto assets, is a crime and is dealt with as per existing penal provisions. The Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT) provis

Facility to exchange, deposit Rs 2K notes to remain closed on Jan 22: RBI

The facility to exchange and deposit Rs 2,000 notes will not be available at the Reserve Bank offices on January 22, the day of the consecration of the Ram temple in Ayodhya. The Department of Personnel and Training issued an order for a half-day closure for central government establishment on Monday. Public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will remain closed for half day on January 22. "The facility of exchange / deposit of Rs 2000 banknotes will not be available on Monday, January 22, 2024 at any of the 19 Issue Offices of the Reserve Bank of India due to the half-day closure announced by the Government of India," the central bank said in a statement. The facility will resume on Tuesday, January 23, 2024, it added. On May 19 last year, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 la

7 years of demonetisation: Change in use of cash in Indian economy

It's been seven years since the Centre announced demonetisation. A lot has happened since then. Digital India has risen, and customers' way of spending has changed. But is cash still the king?

The curious case of govt-owned Bank Note Paper Mill's private status

Indovative Products, a Delhi-based start-up that manufactures currency packaging products, submitted its bids but was rejected on the technical ground that it lacked "past experience"

Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI

The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public

Rs 2,000 note withdrawn: How important was the note for the Indian economy?

The Rs 2,000 note was introduced in 2016 after PM Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes on November 8, 2016

RBI directs banks to provide shade, water to those exchanging notes

The Reserve Bank on Monday advised banks to provide shade from the sun and water to customers waiting to exchange or deposit Rs 2,000 notes. It can be noted that during the note ban in 2016, there were allegations of customers dying while waiting in queues to exchange bank notes. Following the Friday's announcement of withdrawing Rs 2,000 notes -- the notes continue to be legal tender unlike demonetisation exercise -- there were concerns about customers facing inconvenience, especially given the summer being at peak. Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season, RBI said in a notification on Monday. It asked banks to provide the note exchange facility across the counter to the public in the usual manner, that is, as was being provided earlier. The banking regulator also asked banks to maintain daily data on deposit and exchange of Rs 2,000 notes.

Rs 2,000 note scrapped: Won't have impact on economy, says T V Somanathan

'There will be no impact as these notes are not largely used for transactional purposes anyway'

No instructions given to banks on loading Rs 2,000 notes in ATMs: FM

No instructions have been given to banks for filling or not filling Rs 2,000 notes in Automated Teller Machines (ATMs) as lenders make their own choice for loading of cash vending machines, Parliament was informed on Monday. As per Annual Reports of the Reserve Bank of India (RBI), the total value of Rs 500 and Rs 2,000 denomination bank notes in circulation as at end-March 2017 and as at March-end 2022 was Rs 9.512 lakh crore and Rs 27.057 lakh crore, Finance Minister Nirmala Sitharaman said in a written reply in Lok Sabha. "No instructions have been given to banks for not filling Rs 2,000 notes in ATMs. Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc," she said. Replying to another question, the finance minister said, total amount of the central government debt/liabilities is estimated at about Rs 155.8 lakh crore (57.3 per cent of GDP) as on March 31, 2023. Out of this, she sa

King Charles III won't appear on new Australian bank notes: Central bank

King Charles III won't feature on Australia's new $5 bill, the nation's central bank announced Thursday, signaling a phasing out of the British monarchy from Australian bank notes, although he is still expected to feature on coins. A new Indigenous design will replace the previous portrait of the late Queen Elizabeth II, Australia's Reserve Bank said, a move which honors the culture and history of the First Australians. The other side of the $5 banknote will continue to feature the Australian parliament," the bank said in a statement. The $5 bill is Australia's only bank note to feature the monarch. It said the decision followed consultation with the government, which supported the change. Treasurer Jim Chalmers weighed in on the decision, saying the change was an opportunity to strike a good balance. The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing, he told reporters in ...

Centre empowered to demonetise 'all' series of bank notes under RBI Act: SC

The Supreme Court said on Monday the Centre is empowered to demonetise 'all' series of bank notes under Section 26(2) of the RBI Act. A five-judge Constitution bench headed by Justice S A Nazeer, which upheld the Centre's 2016 demonetisation of Rs 1,000 and Rs 500 currency notes by a 4:1 majority verdict, said a statute must be construed having regard to the legislative intent. "The power available to the Central Government under sub-section (2) of Section 26 of the RBI Act cannot be restricted to mean that it can be exercised only for one' or some' series of bank notes and not for all' series of bank notes. "The power can be exercised for all series of bank notes. Merely because on two earlier occasions, the demonetisation exercise was by plenary legislation, it cannot be held that such a power would not be available to the Central Government under sub-section (2) of Section 26 of the RBI Act," the bench, also comprising Justices B R Gavai, A S Bopanna and V Ramasubramanian, ...

Tactile features included in currency for visually impaired persons: RBI

The Reserve Bank of India (RBI) on Monday told the Bombay High Court it has included several tactile features in currency notes for the visually impaired. A division bench of Chief Justice Dipankar Datta and Justice M S Karnik was hearing a petition filed by National Association of the Blind (NAB) claiming new currency notes and coins posed difficulty for visually-impaired people in identifying and distinguishing them. The petitioner's advocate, Uday Warunjikar, on Monday told the court earlier notes and coins were of different sizes and, hence, were easily identifiable. "The RBI, after filing of this plea, developed a mobile application which could be used by visually impaired people," Warunjikar said. On Monday, senior counsel Venkatesh Dhond, appearing for RBI, informed the court that apart from developing the application, the RBI had also consulted several associations working for the visually-impaired people. "The RBI has developed several tactile features in currency notes,

SPMCIL sets up new bank note printing lines at Nashik and Dewas

Security Printing and Minting Corporation of India Limited, under its modernisation initiatives, has set up 'new bank note printing lines' at Currency Note Press, Nashik and Bank Note Press, Dewas

RBI to put new series Rs 100 bank note with guv's signature in circulation

The design of these notes is similar in all respects to the Rs 100 bank notes in circulation currently

New Rs 500, 2000 notes have unique dimension: Arjun Ram Meghwal

Meghwal says no high quality counterfeit new currency notes have been seized by any agency so far