Everyone might have already been well aware about the news on the ban of 500 and 1000 rupees notes as announced by the honorable Prime Minister Shri Narendra Modi last night. Prime Minister Narendra Modi on Tuesday said that the currency notes of Rs 500 and Rs 1000 will not be considered a legal tender from midnight while announcing new currency notes of Rs 500 and Rs 2000. Reserve Bank of India (RBI) will release new currency notes with new features, designs and dimensions from 10 November onwards. Modi also said that RBI will limit the circulation of new notes with higher value so black money holders can not hoard the new notes.
The new notes will be known as Mahatma Gandhi new series of bank notes.
While there are many speculations going on online about the RFID technology that is being used in the new 2000 rupee denomination currency notes, let us just go through the features of the new denomination notes to get a clear idea and clear any chaos.
The new 2000 rupee denomination issued by the Reserve Bank of India comes with lots of new features, but the RFID technology isn’t probably one of them.
RFID is called the Radio Frequency Identification Technology. This tagging lets the government know the location of the currency notes. Using the signals of the radio satellites which are diverted to track the location of the notes government can trace their location. These tagged notes will not require any power source to get detected.
The major problems with these Radio Frequency tagged notes is that they are expensive to carry out and these tags cost between 20 cents and 1$ which adds up to their making cost.
As the features of the new 2000 rupee currency notes are concerned, RBI’s official website has mentioned nothing about it. Here many may go with the conspiracy and may believe that government spies on every 2000 denomination note or may just ignore about that thing completely and go on with life welcoming the new change
New Rs.2000 Note Specimen
Rs 2000 note which will be introduced for the first time as a result to strike balance for Rs 500 and Rs 1000 note has Mangalyan launch representing India’s scientific and research development.
Rs.2000 note features:
On The Front:
- Denominational numeral will be seen in Devanagiri lipi – २००० along with the rupee symbol ₹
- Mahatma Gandhi portrait will be seen at the center
- 2000 denomination numeral gets see through register
- Latent image with denomination 2000
- On the left side of the bank note micro letters of ‘RBI’ and ‘2000’
- Colour of thread changes from green to blue on windowed security with inscriptions of ‘भारत’, ‘RBI’ and ‘2000’ on banknotes
- Governor’s signature with promise clause, guarantee clause and RBI emblem towards right
- Denominational numeral with rupee symbol can be seen – ₹2000
- Ashoka pillar emblem on the right, Mahatma Gandhi portrait and electrotype watermarks
- Number panel with numerals growing from small to large on the top left and bottom right sides
For visually Impaired:
Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark in raised print
- Horizontal rectangle with ₹2000 with raised print on right side
- Seven angular bleeds can be seen on the left and right sides in raised print
On the back side:
- Printed year on the left side of the note
- Logo of Swatch Bharath with slogan
- Towards the center language panel can be seen
- Mangalayan Motif can be seen
- Numeral denomination in Devanagari lipi- २०००
New Rs.500 Note Specimen
The new Rs 500 note
New Rs 500 note has got a complete new look. You can see a Red fort in the background and it will be now called as Mahatma Gandhi new series of bank notes.
While the Rs 500 note will feature Red Fort, ‘Mangalyan’ will be seen on Rs 2000 note.
On The Front side:
- See through register in 500 denomination numeral
- Denomination numeral’s latent image
- Denomination numeral in Devanagari lipi can be found
- Mahatma Gandhi’s portrait orientation and relative position is changed
- Windowed security thread changes colour from green to blue when you tilt the note
- Guarantee clause, Governor’s signature with premium clause and RBI emblem tilted towards right
- Electrotype and Portrait watermarks
- Number panel with numerals growing from small to large on top left and bottom right sides
- On the bottom right denomination numerals with rupee symbol in colour changing ink from green to right
- Ashoka pillar emblem can be seen on the right side
For Visually Impaired:
Mahatma Gandhi portrait, Ashoka Pillar emblem and identification mark in raised print
- 500 in raised print on the right with circle
- On the left and right five bleed lines in raised print
On The back side:
- Printed year on the left side
- Logo of Swatch Bharat with slogan
- Language panel towards center
- Red fort image with Indian flag
- Numeral of denomination in Devanagari on the right
These are the varied features of the new denominations notes released by the Reserve Bank of India.
Minutes after PM Modi’s address, RBI Governor Urjit Patel appeared before the media and said that it is a very bold and decisive step to demonetise Rs 500 and 1000 currency notes.
- “We have ramped up our production of lower currency denomination notes to meet the requirement,” Patel said.
- “RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers,” he said.
- Economic affairs secretary Shaktikanta Das said more denominations will be unveiled soon when asked whether new designs of Rs 1000 notes will also be introduced.
- The Prime Minister said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
- He said the notes of Rs 500 and Rs 1000 will now be “just worthless piece of paper.”
- However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
- ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
- Banks will remain closed tomorrow and ATMs will also not function tomorrow and day after, Modi said.
- He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time.
- He also expressed confidence that political parties, workers, social organisations and the media will go further than the government in making it a success.