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Attention: RBI Admits Printing Faulty Rs.1000 Currency Notes!

Al Arafat Sherfuddeen

January 20th, 2016

SHARES
Image Courtesy: patrika

RBI has admitted to printing Rs 30,000 crore worth of Rs. 1000 notes without the ‘silver thread’ security feature. The ‘silver thread’ security feature is one among many features introduced to tackle counterfeited notes. Among the Rs30,000 crore printed, Rs10,000 crore has already been circulated and RBI has asked the banks to take back the notes from people as and when they return it.

Second time guilty
This is not the first time RBI has goofed up in the printing of notes. On July 2015 CAG discovered and castigated the Security Printing and Minting Corporation of India Limited for costing India an unnecessary Rs 36.69 crore loss, as it continued to print Rs 20, Rs 100 and Rs 500 denomination notes with former RBI governor Subbarao’s signature in 2014, even though he had already retired from the organisation.

A look back
The 1000 Rs note was introduced in 1950 and many other higher denominations were introduced later. These denominations were slowly withdrawn owing to high inflation and to curb unaccounted money. The 1000 Rs note was re-introduced in 2000 with many security features and one of it being the silver thread which any one now days look for to check if the note is original or counterfeited.

The Logical Indian requests the entire community spread the word so that all who are in possession of the note could return the notes to the bank and exchange it for original one.

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