Demonetisation: New currency notes issued in 2016 have become 'unusable' in 2 years
-National Herald It has now come to light that new currency notes with higher ‘security’ features introduced after demonetisation are quickly becoming ‘unusable’ within just two years of circulation It does seem like the PM Narendra Modi-led government simply cannot get anything right. It has now come to light that new currency notes with higher ‘security’ features introduced after demonetisation are quickly becoming 'unusable' within just two years of circulation. According to sources, this due to the poor quality of the paper used for printing these notes, in comparison with the earlier notes which used to be in circulation for years. If the currency becomes unusable, it can't be used in ATMs as the sensors inside the ATMs can't detect the bad quality notes. The report on the Hindi news website Amar Ujala, states that the problem is so intense that apart from the ?2,000 and ?500 notes, even the new ?10 notes, which were issued in 2018, are also becoming 'unusable'. The report alleged that the banks have started categorisation of these notes under 'non-issuable' category. In fact, earlier, the RBI had banned banks from categorising new notes under non-issuable category, but after pressure from commercial banks, the central bank relaxed the rule on July 2, 2018.
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National Herald, 28 November, 2018, https://www.nationalheraldindia.com/india/demonetisation-new-currency-notes-issued-in-2016-have-become-unusable-in-2-years?fbclid=IwAR1RUI5G7WZOP73bdf_Yu3m5zOneObot
Tagged with: Currency demonetisation Demonetisation Reserve Bank of India Reserve Bank of India (RBI)
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