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Issue of New 500 and 2000 Rs NOTES

Highlights : **************

  1.  RBI to issue limited number of Rs 500 and Rs 2000 notes from Nov 10
  2.  ATM and Banks have been ordered to remain shut on Wednesday and Thursday.
  3. People need to return the present currency and exchange it with 100 Rs notes.

 


       Main Story:

PM Narendra Modi announced in an address to the nation that Rs. 500 and Rs 1000 denomination notes will not be valid from midnight, today (8th November).
New Delhi: Senior govt officials and chief of RBI revealed what the new Rs 500 and 2000 notes will look like and announcing the date of release to be Thursday, 10 November.

Possible Reason: It is believed that issuing of new currency with new technology, sensors will definately reduce attempt to do corruption and black money marketting. Also, the old noted will be of no worth ie. will be considered merely as paper.

Many authorities and public are appreciating Modi government for this work.

Check this video link for complete coverage of PM Narendra Modi speech where he addresses public and declares the new currency.
https://www.youtube.com/edit?video_id=1tR9nsh6SMg



What PUBLIC has to do??

Hurry up guys!! Don't be late for this, else you would have a heavy loss. 
You have to submit/exchange all the 500 and 1000 Rs notes from bank or ATM from 10 nov – 30 december. In these 50 days you have to necessarily renew your currency.


Properties of new notes: 

The new notes series are being called officially as Mahatma Gandhi Series of bank notes. These new notes will also carry a picture of Delhi’s Red Fort. Some new characteristic and noticible facts are : 

  • The picture of Mahatma Gandhi is towards left near centre of note, instead of right as in earlier notes.
  •    The hindi numeral are used on notes.
  •    New color : grey for 500 and pink for 2000.
  • Now, 2000 note will be of the highest denomination in India.
  • The signature of RBI governor and declaration of confidence in currency is vertically presented.
  • Nanotransmitters/chips/sensors will be present inside these notes to track them and reduce black money.**Actually this was a rumor**


Pictures of New Notes:


Back side of 500Rs note
Front Side of 500 Rs
Front side of 2000 Rs




Back side of 2000Rs































 :::::::::::::::::RBI archives:::::::::::::::::



Fun Facts about RBI :
Some interesting facts about RBI and currency system in India :

The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954. These notes were demonetised in 1946, and again in 1978.
  • Currency paper is composed of cotton and cotton rag.

The Government of India decides on the quantity of coins to be minted on the basis of indents received from the RBI.

The Reserve Bank estimates the demand for banknotes on the basis of the growth rate of the economy, inflation rate, the replacement demand and reserve stock requirements by using statistical models/techniques.

Notes are printed at four printing presses located at Nashik, Dewas, Mysore and Salboni. Coins are minted at the four mints at Mumbai, Noida, Kolkata and Hyderabad.




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