November 8, 2016 came as a bolt from the blue for people across the country even as they learnt they would not be able to use notes of INR 500 and INR 1000 as readily as they were able to do before and soon (by 31st March, 2017), these notes would be reduced to being mere pieces of paper as stated in an address by Prime Minister Narendra Modi.
Now, even as the country discusses the justification of such a decision, a lot of people may have missed an announcement by the Prime Minister, who stated that very soon the Indian Government would be introducing notes of INR 500 and INR 2000 in the market. These new notes are expected to be introduced in a progressive manner from 10th November, 2016 onwards.
Why is it being done?
The decision, announced at 8 p.m. on 8th November by PM Narendra Modi has been taken in order to come down hard on people stashing black money in cash as well as people peddling counterfeit notes. It has also been announced in such a way that the corrupting elements are unable to prepare themselves in any way to counter this sudden ‘financial catastrophe’. The levels of corruption have reached such a stage that it is estimated that the black money accumulated in India, in various shapes and forms, is worth around billions of dollars. The Indian Government is attempting to bring all this unaccounted money back into the system.
The new INR 2000 banknotes and their features
The new banknotes – ones with the denomination of INR 2000 – are being introduced by the Reserve Bank of India under the Mahatma Gandhi (New) Series.
– The new notes are expected to have motifs of Mangalyaan on their reverse sides. Mangalyaan is the first effort India has made in the domain of interplanetary space.
– The note’s base colour is going to be magenta.
– The note also has other geometric patterns and designs that align with the notes’ entire colour scheme. This is applicable for both the sides.
– The new note is going to be 66mm X 166 mm.
– The obverse or facing side of the new notes will have a transparent register that will indicate the denomination 2000 when it is held against light. It shall also have a latent image of the denominational numeral. This will be visible when the note is held at an angle of 45o at one’s eye level.
– The numeral will be written in Devanagari script and the portrait of Mahatma Gandhi will be at the centre of the notes.
– The notes will also have the micro letters 2000 and RBI and a windowed security thread with Bharat, 2000, and RBI inscribed on it. The thread shall change colour to blue from green when it is tilted.
Things such as guarantee clause, emblem of RBI, Ashoka Pillar emblem, and signature of respective governors with promise clause will be on the right side of the notes. The watermarks will be portraits of electrotype (2000) and Mahatma Gandhi. On the bottom right side as well as the top left side, there will be number panels where numerals will grow from small to big.
The notes are also meant to have some special features that have been designed keeping the visually-impaired individuals in mind.
– The portraits of Mahatma Gandhi, the identification mark, and the Ashoka Pillar emblem will be printed in a raised manner.
– There would also be a horizontal rectangle on the right that will have Rs. 2000 printed in a raised manner.
– The notes would also have seven angular bleed lines on each side – they will be in raised print.
On the reverse side, these notes will have the year when a respective note has been printed. They shall also have the logo and slogan of Swachh Bharat. The language panel will be located in the centre.
The new INR 500 banknotes and their features
The new notes will differ from the existing ones in terms of factors such as colour, presence of security components, size, elements of design, and themes.
– Their size is going to be 63mm x 150mm.
– These notes will be stone grey in colour and the new theme is predominantly going to be the Red Fort, one of the top tourist destinations of the country and an integral part of its heritage, alongwith the national flag.
– Its obverse side is expected to have a transparent register that will show the denominational numeral. The said numeral will have a latent image as well and will be printed in Devanagari.
– The orientation, as well as relative position of the image of Mahatma Gandhi, will be different in the new note.
– The windowed security thread feature will change to blue from green when it is tilted and the notes’ right sides will be where guarantee clause, emblem of RBI, Ashoka Pillar emblem, and signature of respective governors with promise clause are placed.
– The new note will also have electrotype and portrait watermarks.
– The number panels will be placed on the same position as the INR 2000 notes with numbers growing to big from small.
On the bottom right side of the notes the denomination will be mentioned in numeric form and it will change ink to blue from green. The emblem of Ashoka Pillar will be on the right. These notes, too, shall have special features for the visually-challenged people with the portrait of Mahatma Gandhi, identification mark, and Ashoka Pillar emblem in raised print. There will be a circle on the right side with Rs. 500 written in raised print. Each side will have five bleed lines in raised print.
The reverse sides of these notes will have the year of printing mentioned on the left. It shall also have the slogan and the logo of the Swachh Bharat programme. The language panel is expected to be in the centre. The denominational numeral will be printed on right in Devanagari.
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