Bank Notes

No instructions have been given to banks for filling or not filling Rs 2,000 notes in Automated Teller Machines (ATMs) as lenders make their own choice for loading of cash vending machines, Parliament was informed on Monday. As per Annual Reports of the Reserve Bank of India (RBI), the total value of Rs 500 and Rs 2,000 denomination bank notes in circulation as at end-March 2017 and as at March-end 2022 was Rs 9.512 lakh crore and Rs 27.057 lakh crore, Finance Minister Nirmala Sitharaman said in a written reply in Lok Sabha. "No instructions have been given to banks for not filling Rs 2,000 notes in ATMs. Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc," she said. Replying to another question, the finance minister said, total amount of the central government debt/liabilities is estimated at about Rs 155.8 lakh crore (57.3 per cent of GDP) as on March 31, 2023. Out of this, she sa

King Charles III won't feature on Australia's new $5 bill, the nation's central bank announced Thursday, signaling a phasing out of the British monarchy from Australian bank notes, although he is still expected to feature on coins. A new Indigenous design will replace the previous portrait of the late Queen Elizabeth II, Australia's Reserve Bank said, a move which honors the culture and history of the First Australians. The other side of the $5 banknote will continue to feature the Australian parliament," the bank said in a statement. The $5 bill is Australia's only bank note to feature the monarch. It said the decision followed consultation with the government, which supported the change. Treasurer Jim Chalmers weighed in on the decision, saying the change was an opportunity to strike a good balance. The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing, he told reporters in ...

The Supreme Court said on Monday the Centre is empowered to demonetise 'all' series of bank notes under Section 26(2) of the RBI Act. A five-judge Constitution bench headed by Justice S A Nazeer, which upheld the Centre's 2016 demonetisation of Rs 1,000 and Rs 500 currency notes by a 4:1 majority verdict, said a statute must be construed having regard to the legislative intent. "The power available to the Central Government under sub-section (2) of Section 26 of the RBI Act cannot be restricted to mean that it can be exercised only for one' or some' series of bank notes and not for all' series of bank notes. "The power can be exercised for all series of bank notes. Merely because on two earlier occasions, the demonetisation exercise was by plenary legislation, it cannot be held that such a power would not be available to the Central Government under sub-section (2) of Section 26 of the RBI Act," the bench, also comprising Justices B R Gavai, A S Bopanna and V Ramasubramanian, ...

The Reserve Bank of India (RBI) on Monday told the Bombay High Court it has included several tactile features in currency notes for the visually impaired. A division bench of Chief Justice Dipankar Datta and Justice M S Karnik was hearing a petition filed by National Association of the Blind (NAB) claiming new currency notes and coins posed difficulty for visually-impaired people in identifying and distinguishing them. The petitioner's advocate, Uday Warunjikar, on Monday told the court earlier notes and coins were of different sizes and, hence, were easily identifiable. "The RBI, after filing of this plea, developed a mobile application which could be used by visually impaired people," Warunjikar said. On Monday, senior counsel Venkatesh Dhond, appearing for RBI, informed the court that apart from developing the application, the RBI had also consulted several associations working for the visually-impaired people. "The RBI has developed several tactile features in currency notes,

Security Printing and Minting Corporation of India Limited, under its modernisation initiatives, has set up 'new bank note printing lines' at Currency Note Press, Nashik and Bank Note Press, Dewas

The design of these notes is similar in all respects to the Rs 100 bank notes in circulation currently

Meghwal says no high quality counterfeit new currency notes have been seized by any agency so far