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Reserve Bank of India considers banknote varnish

Banknotes, NewsBy SMI 30/08/2018

The Reserve Bank of India has announced that it is considering introducing banknote varnish for its latest banknote series. The Reserve Bank of India’s 2017-18 Annual report, published yesterday, reports that the central bank is exploring the feasibility of increasing the life of Indian banknotes through the use of banknote varnish. According to the central…

Reserve Bank of India exploring features for visually impaired

Banknotes, NewsBy SMI 07/06/2018

The Reserve Bank of India intends to explore the feasibility of developing a feature to assist those with visual impairments to identify Indian banknotes. The Reserve Bank announced its intention to focus on features for the visually impaired in its June 2018 Statement on Developmental and Regulation Policies. Highlighting the advancement in technology in such…

India reveals new ₹50 banknote denomination

Banknotes, NewsBy SMI 21/08/2017

The Reserve Bank of India has revealed the design of the new ₹50 banknote denomination, part of the new Mahatma Gandhi Series. The new banknote denomination features a portrait of Mahatma Gandhi on the front of the note and an illustration of the Stone Chariot – a shrine dedicated to Gandhi which stands in the Indian village…

Cash rationing ends in India

Banknotes, Currency, NewsBy SMI 15/03/2017

India’s citizens are now able to make unrestricted cash withdrawals, ending the period of cash rationing imposed on the country by Prime Minister Modi. From Monday 13 March 2017, all cash withdrawal limits from Savings Bank accounts were withdrawn, allowing the citizens of India to withdraw cash freely. The country has been through a period of demonetisation whereby the ₹500…

India suddenly scraps 500 and 1,000 rupee banknotes

Banknotes, Currency, NewsBy SMI 09/11/2016

A surprise announcement was made last night by India’s Prime Minister who advised that the 1,000 and 500 rupee banknotes have been scrapped. The move is part of a crackdown on corruption and illegal cash holdings. During his address, Prime Minister Narendra Modi said that “Black money and corruption are the biggest obstacles in eradicating…

India to issue upgraded ₹100 and ₹500 banknotes

Banknotes, NewsBy SMI 23/01/2016

The Reserve Bank of India (RBI) has issued press releases confirming that new ₹100 and ₹500 banknotes are soon to be issued. The new notes will still form part of the Mahatma Gandhi series (2005) and will be similar in their design to their predecessors. The new banknotes will have numerals of ascending size in…

India updates notes for visually impaired

Banknotes, NewsBy SMI 25/09/2015

The Reserve Bank of India has issued a press release advising of new ₹500 and ₹1000 banknotes incorporating additional features for the visually impaired which it will shortly be putting into circulation. The Bank had recently released the same denominational notes with numerals in ascending size, but without bleed lines or enlarged identification marks, which…

Reserve Bank of India to issue new ₹1,000 banknote

Banknotes, Currency, NewsBy SMI 15/08/2014

The Reserve Bank of India has issued a statement declaring that a new ₹1,000 denomination banknote will be released shortly. The statement, dated August 14th 2014, advised the new notes will incorporate the new Indian currency symbol (₹) with “R” inset letter in the Mahatma Gandhi Series-2005. The printing year ‘2014’ will be displayed on …

India’s pre-paid card market increasing

Cashless Payments, Currency, NewsBy SMI 06/02/2014

According to a report by Giesecke & Devrient, the use of pre-paid payment cards is quickly increasing in India. There are around 17 million pre-paid payment cards currently in use, compared to 316 million credit and debit cards, but the gap is steadily decreasing. There are many people in India who do not have an…

Sri Lanka Coin Shortage

Coin, NewsBy SMI 06/01/2014

The Central Bank of Sri Lanka has recently said that around 22 tonnes of their rupee coins are currently in India, having been left in religious places such as temples, churches and kovils. Sri Lankans on religious pilgrimage leave the coins as offerings, as well as items such as food, flowers or incense. However, the…