Where can they be exchanged? Reserve Bank of India decided to withdraw from circulation all banknotes issued prior to as they have fewer security features as compared to banknotes printed after It is a standard international practice to withdraw old series notes.
The RBI has already been withdrawing these banknotes in a routine manner through banks. It is estimated that the volume of such banknotes pre in circulation is not significant enough to impact the general public in a big way. Please refer to our Press Release no.
Both old and new design notes usually circulate together for a while. The old design notes are then gradually withdrawn from circulation when they become unfit to be re-issued. Central banks the world over change the design of their banknotes and introduce new security features primarily to make counterfeiting difficult and to stay ahead of counterfeiters. India also follows the same policy. The thread fluoresces in yellow on both sides under ultraviolet light.
The thread appears as a continuous line from behind when held up against light. It fluoresces in yellow on the reverse and the text will fluoresce on the obverse under ultraviolet light. See through register: On the left side of the note, a part of the numeral of each denomination is printed on the obverse front and the other part on the reverse. The accurate back to back registration makes the numeral appear as one when viewed against light.
Water Mark and electrotype watermark: The banknotes contain the portrait of Mahatma Gandhi in the watermark window with a light and shade effect and multi-directional lines. An electrotype mark showing the denominational numeral in each denomination banknote also appears in the watermark widow and these can be viewed better when the banknote is held against light. The colour of these numerals appears green when the banknotes are held flat but would change to blue when the banknotes are held at an angle.
Fluorescence: The number panels of the banknotes are printed in fluorescent ink. The banknotes also have dual coloured optical fibres. Both can be seen when the banknotes are exposed to ultra-violet lamp. The value can be seen only when the banknote is held horizontally and light allowed to fall on it; otherwise this feature appears only as a vertical band.
Micro letterings: This feature appears at different places on the banknotes and can be seen better under a magnifying glass. The numerals in both the number panels of the banknotes are in ascending size from left to right while the first three alpha-numeric characters prefix will remain constant in size. Information about the above security features present in the Indian banknotes denomination-wise is also available on the website www. In addition to the security features listed above, banknotes issued after introduction of MG series have the year of printing on the reverse of the banknotes which is not present in the pre series.
The Mahatma Gandhi New Series banknotes have a sharp colour contrast scheme to facilitate identification by the partially visually challenged. There is an identification mark on the front side of each note which is in raised print intaglio and has different shapes for different denominations for e.
Further, in these denominations numerals are prominently displayed in the central area of the notes in raised print. Note: This mobile application does not authenticate a note as being either genuine or counterfeit. The processes and systems followed for production of Indian banknotes are at par with the best practices adopted globally.
In line with the same, banknote quality is maintained well within the various tolerance parameters for dimension, placement of design, print features etc. All banks are authorized to accept and exchange soiled banknotes for full value.
All branches of commercial banks are authorised to adjudicate mutilated banknotes which are legal tender and pay value for these, in terms of the Reserve Bank of India Note Refund Amendment Rules, The details are available on our website at the following link: www.
Non-payable banknotes are retained by the receiving banks and sent to the Reserve Bank where they are destroyed.
The presence or absence of a serial number or other specific feature is not a determining factor when assessing damaged banknotes for value under the RBI Note Refund Amendment Rules, Reserve Bank of India has been continuously making efforts to make good quality banknotes available to the members of public. To help RBI and the banking system towards this objective, the members of public are requested to ensure the following:.
All Bank notes including Mahatma Gandhi New series notes with writing or colour stains on them continue to be legal tender, provided they are decipherable. Such notes can be deposited or exchanged in any bank branch. However, a claim in respect of bank notes which carries any extrinsic words or visible representations intended to convey or capable of conveying any message of a political or religious character or furthering the interest of any person or entity will be rejected as per Reserve Bank of India Note Refund Rules, [As amended by Reserve Bank of India Note Refund Amendment Rules, ].
A suspected forged note, counterfeit note or fake note is any note which does not possess the characteristics of genuine Indian currency note. A forged note can be identified on the basis of the security features which are present in a genuine Indian currency note. These features are easily identifiable by seeing, touching and tilting the note. That confidence has been missing, over the last few years. Of course, this aim of encouraging corporates has come at the cost of savers.
The real rate of return after adjusting for inflation and the tax to be paid on interest earned, has been in negative territory for a while. What does not help is the fact that inflation is likely to continue to go up primarily because as the global economy recovers after covid, demand for things will keep going up, pushing up prices. With the aim of encouraging corporates to borrow likely to continue in the months to come, interest rates will continue to remain low.
Hence, real returns on deposits will continue to remain in negative territory. Of course, this is likely to lead to some money continuing to move into stocks, cryptos, etc. The unintended consequences notwithstanding, there is no free lunch in economics. The savers are already paying for this. It is worth remembering here that in many rich countries, the monetary policy of keeping interest rates low has worked to some extent, primarily because it has been accompanied by some fiscal policy as well, where the government has put money directly into the hands of people.
That bit is missing in India, given that the hand of the Indian government is limited on this front. Plus, with stock prices beyond what corporate earnings truly justify, the risk in the entire financial system has gone up. The investment to GDP ratio was at a two-decade low in The Reserve Bank is in charge of supervising the overall operations of these various institutions to maintain financial stability.
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