The World Opinion

Tag: Bank Notes

  • 97.69 Pc Of Rs 2000 Currency Notes Returned: RBI | Economy News

    New Delhi: The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public.

    On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes 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 of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the Reserve Bank of India said in a statement. (Also Read: RBI To Not Accept, Exchange Rs 2,000 Notes Today, 01 April 1 –Know Why)

    “Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned,” it added. The Rs 2,000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 bank notes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for credit to their bank accounts in India. (Also Read: PM Lauds RBI, Says India Must Become Financially ‘Atmanirbhar’ In 10 Years)

    Public and private entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023.

    Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.

    The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. The Rs 2000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

  • In a primary, RBI considers the use of pictures of Rabindranath Tagore, APJ Abdul Kalam on banknotes

    Specific Information Provider

    NEW DELHI: One in every of Bengal’s biggest icons, Rabindranath Tagore, and India’s eleventh President, APJ Abdul Kalam, often referred to as the Missile Guy, are reportedly within the race to make it to the rustic’s banknotes along M Okay Gandhi.The Father of the Country’s watermark determine occupies the satisfaction of position on all denominations of Indian forex notes. On the other hand, the Finance Ministry and the Reserve Financial institution of India (RBI) also are reportedly taking into account the use of the watermark figures of Tagore and Kalam on a brand new sequence of banknotes of a few denominations.

    That is the primary time that RBI is thinking about the use of the photographs of well-known personalities instead of Mahatma Gandhi at the banknotes.The RBI and the Safety Printing and Minting Company of India (SPMCIL), which is underneath the Finance Ministry, are learnt to have despatched two separate units of samples of Gandhi, Tagore and Kalam watermarks to IIT-Delhi Emeritus Professor Dilip T Shahani, who has been instructed to make a choice from the 2 units and provide them for ultimate attention via the federal government. 

    Executive resources mentioned {that a} ultimate choice on choosing one or all of the 3 pictures will likely be taken on the “absolute best ranges of the federal government”.  In step with resources, the designing the 3 watermark samples had professional sanction. No company choice has but been taken, however the transfer is afoot to discover probabilities of 
    together with watermarks of multiples figures on forex notes. 

    There’s international priority: other denominations of US greenbacks lift portraits of one of the Founding Fathers reminiscent of George Washington, Benjamin Franklin, Thomas Jefferson, Andrew Jackson, Alexander Hamilton and a couple of nineteenth century presidents, together with Abraham Lincoln.Professor Shahani, who’s inspecting the watermarks, specialises in Electromagnetic Instrumentation. He was once conferred with the Padma Shri via the Modi executive in January this 12 months. 

    Most sensible executive resources published that someday in 2017, one among 9 RBI interior committees, which have been shaped to counsel new safety features for a recent sequence of banknotes, submitted its record in 2020, proposing that but even so Gandhi the watermark figures of Tagore and Kalam will have to even be evolved for inclusion in all forex notes barring the `2,000 word whose printing had already stopped. 

    In 2021, the RBI issued directions to its Mysore-based Bharatiya Reserve Financial institution Word Mudran Pvt Ltd and the SPMCIL’s Safety Paper Mill at Hoshangabad to design their very own units of the watermark samples. Due to this fact, the RBI and SPMCIL despatched their samples to Shahani for him to inspect them. Shahani has had a number of rounds of discussions with officers at the “finer sides” of the samples.