Friday, November 25, 2016

Already a second type for the new 2000 rupee note in India

Since Tuesday 8 November 8pm the people of India has been trying to work, consume and simply live with a lack of high value notes after Prime Minister Modi demonetised the 500 and 1000 rupee notes by surprise.
The new 500 rupee note (Reserve Bank of India via the Wikipedia in English).
On Thursday 10 two new banknotes (500 and 2000 rupees) were issued at crownded bank counters... A very theorical issue for the 500 rupees. Testimonies in the Indian media seems to imply the new higher note can be found, but that two and a half week later (today) the 500 rupees are in short number.
Comparison between a normal version (upper one) and the erroneous one (bottom) (Times Now).
Worse 24/7 new TV channel Times Now announced today that an erroneous printing version of this long awaited 500 ruppe note is circulating. The default is a shift to the left of part of the design and to the right of a visual security feature.

The Reserve Bank of India acknowledged the problem and explained it was caused by the rush to print enough notes in such short notice. It assured people that both version are legitimate as long as all security features can be found on the notes...

... But should people be confident in the notes? Would the first fraudulent designs be accepted because consumers would not be able to be sure if it could be the legal erroneous one? Or would people refuse all 2000 notes altogether to avoid such deception?

Sadly this problem is only a small one compared to the daily struggle of the daily paid workers (whose employers haven't enough cash to pay them daily) and of the farmers (whose savings for seeds and crop insurance are worthless and their banks cashless).

And it has only been eighteen days...

Daily summaries of the demonetisation consequences on the blog in French: 1, 2, 3,...

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