If you thought Modi government’s decision to scrap Rs.500 and Rs.1,000 notes will make Rs 1000 note a history, then think again.
A team of Reserve Bank of India (RBI) is working round the clock to come up with new designs. The work will be completed in the next few months.
Of late, the number of counterfeit currency notes caught by banks and the Reserve Bank of India has risen tremendously and Rs 1000 note forms a significant portion of it.
Finance Ministry data presented in the Lok Sabha show that in all, 6.3 lakh counterfeit notes were detected in financial year 2015-16, up from 5.9 lakh in 2014-15 and 4.9 lakh in the year before that. In value terms, Rs. 29.6 crore worth of counterfeit notes were found in 2015-16, a rise from Rs. 28.7 crore in the previous year.
The new Rs.500 note. Twitter
The PM had also sought to give the economy a veritable leg-up and people will now be compelled to use only legitimate transaction networks, making the government’s tax kitty bigger.
The new Rs.2000 note. Twitter