RBI To Issue New 500 and 2000 Rupee Notes From Thursday. What They Look Like
All India | Edited by Abhishek Chakraborty | Updated: November 09, 2016
The new 500-rupee and 2000-rupee notes to be issued by Reserve Bank of India will look like this.
RBI to issue limited number of Rs. 500, Rs. 2000 notes from Nov 10
ATM withdrawals capped to Rs. 2000 till November 11
Banks, ATMs have been ordered to remain shut on Wednesday
Senior government officials and Reserve Bank of India chief Urijit Patel today revealed what the new Rs. 500 and 2000 notes will look like, announcing that these will be launched on Thursday, November 10.
They were addressing a press conference to details next steps after Prime Minister Narendra Modi announced in an address to the nation that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said.
Control rooms are being set up at the Reserve Bank and the Department of Economic affairs in the finance ministry to help in the transition.
Tomorrow, Wednesday, the officials said, will be a bank holiday and the treasury will also be closed. Mr Patel said the production of the new high denomination notes had been ramped up “as of today and over the past months… hence it was decided to introduce the scheme that the PM has announced.
Mr Das called the government’s decision to cancel the Rs. 500 and 1000 notes “a very bold, powerful and decisive step” to fight black money.
*why RBI is issuing ₹2000 Rupees Notes *
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)*
*How the embeded NGC Technology Works?*
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note
*How will this help eradicate black money menace?*
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
*Just a beginning of the end of black money in India*