The new Rs 500 and Rs 2000 notes that RBI has begun issuing from today are not going to be easy for Pakistan and organised criminal networks to copy, for some time to come! At least that’s what India’s intelligence agencies, who have over a six month period vetted the security features of the news notes, are saying. According to a report in the ToI, the Intelligence Bureau, RAW (Research and Analysis Wing) and the DRI have examined the various features of the new notes while they were being secretly printed for the past six months.
Prime Minister Narendra Modi in his address to the nation had said, “Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized.” PM Modi said that the new notes and the crackdown on black money under which the old Rs 500 and Rs 1000 notes have been rendered worthless, will help counter the fake currency menace.
Reports suggest that Pakistan has a dedicated mint in Peshawar. This mint prints only fake Rs 500 and Rs 1000 Indian currency notes. In fact, intelligence agencies have claimed that in the last few years, Pakistan had achieved “zero-error counterfeit capability” when it comes to Indian notes. The danger of such an event cannot be overstated.
The overnight move to check the black money menace in the country is bound to cause some inconvenience as the transition to the new notes happens. There is a wide window available for you to exchange your older notes at the bank. If you have the older Rs 500 and Rs 1000 notes, you can tender them at any office of the Reserve Bank or any bank branch and obtain value thereof by credit into your respective bank account. This window is available from November 10 till the close of banking hours on December 30, 2016 without any limit. Notes of value up to Rs 4,000 per person can be exchanged for cash over the counter of any bank branch, head post office or sub post office. Carry a valid proof of identity for availing this exchange facility. Meanwhile, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.