1. Two ‘defective’ versions of Rs 500 notes in circulation; RBI admits mistake

Two ‘defective’ versions of Rs 500 notes in circulation; RBI admits mistake

PM Narendra Modi banned the Rs 500 and Rs 1000 notes on November 8 and substituted them with a new Rs 500 and Rs 2000 note.

By: | Updated: November 25, 2016 10:47 AM
In this representative image we have highlighted the problem areas in the notes that the RBI has inadvertently printed. NOTE: This is a genuine note and there are no discrepancies in it. (PTI photo) In this representative image we have highlighted the problem areas in the notes that the RBI has inadvertently printed. NOTE: This is a genuine note and there are no discrepancies in it. (PTI photo)

PM Narendra Modi banned the Rs 500 and Rs 1000 notes on November 8 and substituted them with a new Rs 500 and Rs 2000 note. However, it has been revealed that inadvertently, two different variants of the Rs 500 note have been printed and have actually found their way into circulation with the public. The Reserve Bank of India (RBI), in its reaction has admitted that the faux pas has occurred . This raises fears that the new notes have been compromised and this may well play into the hands of the counterfeiters who will look to take advantage of the fact with a gullible public which would not be aware of this fact.

The Times of India reported that some citizens have reported and shown the different versions of these new notes. The newspaper quotes a Delhi resident Abshar as saying that ‘more than visible shadow of Gandhi’s face’ is shown in the note. He also added that the there is a problem with the alignment of the national emblem, plus even the serial numbers are awry. A Gurugram resident pointed out an anomaly with the border of the Rs 500 notes as they are not matching. But the issue is not confined to Delhi-NCR region. As far away as Mumbai, a resident the colours did not match in at least 2 instances in these notes.

The RBI has admitted to the problems in these notes and ToI quotes a spokesperson as admitting that the rush to print notes in a very short time may well have led to them being different from one another. “It is likely that notes with printing defect got released due to the current rush,” the spokesperson is quoted as saying. However, these notes remain legal tender, said the spokesperson.

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