Have old Rs 10, Rs 50, Rs 100 notes? Why you should worry
The entry of these two new high denomination notes was a clear indication the transformation of entire currency chest.
India’s currency chest is currently undergoing a thorough makeover by the Reserve Bank of India (RBI). Interestingly, if you look closely, the demonetisation drive which was launched nearly two years ago, not just introduced new Rs 500 and Rs 2000 currency notes, but even hinted towards the makeover of all the banknotes in the country. Demonetisation aka notebandi was announced by Prime Minister Narendra Modi in the evening of November 08, 2016 with an aim to tackle black money and eliminate terror financing.
Demonetisation made India cash dry for many months actually, after it eliminated the high denomination notes of Rs 500 and Rs 1000 which account for 86% India’s currency chest, which was about Rs 15.44 lakh crore. one would agree that demonetisation was a shock to the financial system for awhile as the country faced severe cash shortages for quite a few months. There were lengthy queues and rush at the gates of banks for exchanging their scrapped notes too.
Though facing much criticism that demonetisation was unplanned, Modi has been firm on his decision and believes that it was meant for India's longer-term prosperity.
While old Rs 500 and Rs 1000 said goodbyes to India, the country also witnessed the entry of new Rs 500 and Rs 2000 currency notes.
The entry of these two new high denomination notes was a clear indication the transformation of entire currency chest. Several factors hinted at this.
Apart from color, motif and numeral almost everything is same between Rs 10, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. Some of them are:
- See through register with denominational numeral
- Portrait of Mahatma Gandhi at the centre
- Micro letters ‘RBI’, ‘भारत’, ‘INDIA’ and ‘Numeral’,
- Windowed demetalised security thread with inscriptions ‘भारत’ and RBI,
- Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait,
- Ashoka Pillar emblem on the right,
- Mahatma Gandhi portrait and electrotype watermarks
- Number panel with numerals growing from small to big on the top left side and bottom right side.
- Year of printing of the note on the left
- Swachh Bharat logo with slogan
- Denominational numeral
- Language panel
Interestingly, it is noteworthy that if RBI is introducing new banknotes and the agenda is to curb black money, then what will happen to the left old banknotes like Rs 10, Rs 50 and Rs 100. Will they expire soon?