Fake Rs 10 coins in circulation: RBI flays rumours, calls it 'legal tender'
8 years, 4 months ago

Fake Rs 10 coins in circulation: RBI flays rumours, calls it 'legal tender'

Firstpost  

Mumbai: Dispelling rumours of fake Rs 10 coin in circulation, Reserve Bank of India asked people not to give credence to such canards and continue to accept these coins as legal tender in all their transactions without any hesitation. It further said RBI puts into circulation coins minted by the Government of India and these have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes - economic, social and cultural - are introduced from time to time, it added. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes – economic, social and cultural – are introduced from time to time, it added.

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History of this topic

Bitcoin, Ethereum, other cryptocurrencies will never become legal tender in India, says Govt official
3 years, 1 month ago

Bitcoin, Ethereum, other cryptocurrencies will never become legal tender in India, says Govt official

India Today  

Bitcoin, Ethereum, and other cryptocurrencies along with non-fungible tokens will never become legal tender in India, Finance Secretary TV Somanathan said on Wednesday. The Finance Secretary's statement comes a day after Finance Minister Nirmala Sitharaman in the Union Budget 2022 announced income from the transfer of any virtual digital asset will be taxed at the rate of 30 per cent. …

This is What RBI Has to Say About Old Rs100 Notes Going Out of Circulation by March
4 years, 1 month ago

This is What RBI Has to Say About Old Rs100 Notes Going Out of Circulation by March

News 18  

Putting an end to speculations regarding the withdrawal of old currency notes of Rs 100, Rs 10 and Rs 5 from circulation, the Reserve Bank of India clarified over social media that the information is incorrect. Recently, RBI had been making headlines with regards to a report that claimed it is planning to withdraw the old series of currency notes …

Banks in Andhra, Telangana turn dumps for ₹10 coins
5 years, 6 months ago

Banks in Andhra, Telangana turn dumps for ₹10 coins

The Hindu  

A reluctance on the part of public and trade in the Telugu speaking States to accept ten rupee coins is leading to banks building up a pile that is fast eating into the space in strong rooms and proving expensive to shift. It had said this in view of “reluctance on the part of traders and members of public, in …

Counterfeiting of Rs 500 notes up by 121% in 2018-19: RBI
5 years, 6 months ago

Counterfeiting of Rs 500 notes up by 121% in 2018-19: RBI

The Quint  

New Dehi, Aug 29 Counterfeiting of the newly-designed Rs 500 notes shot up by 121 per cent and of the Rs 2,000 notes by 21.9 per cent in 2018-19 in comparison to the previous year, the RBI said on Thursday. Of the Rs 200 denomination note, which was introduced in August 2017, as many as 12,728 counterfeit notes were detected …

New Rs 20 coin shaped as 12-edged polygon to be in circulation soon, says Finance Ministry Gazette notification
6 years ago

New Rs 20 coin shaped as 12-edged polygon to be in circulation soon, says Finance Ministry Gazette notification

Firstpost  

India’s finance ministry, in a Gazette notification dated 6 March, has announced that Rs. India’s finance ministry, in an “extraordinary” Gazette notification dated 6 March, has announced that Rs 20 coins will soon be in circulation across the country. According to details in the Gazette, the new Rs 20 coin’s face will have the “lion capitol of Ashoka Pillar with …

Rs 10 coins are valid legal tender, says RBI as it appeals general public to continue to accept them
7 years, 2 months ago

Rs 10 coins are valid legal tender, says RBI as it appeals general public to continue to accept them

Firstpost  

The Reserve Bank has also advised banks to accept coins for transactions and exchange at all their branches The Reserve Bank of India on Wednesday denied that it has withdrawn legal tender status of Rs 10 coins thus putting to rest widespread rumours. The central bank said, “It has come to the notice of the Reserve Bank that in certain …

Telangana: Traders reject Rs 10 coin as rumours spread on validity
7 years, 10 months ago

Telangana: Traders reject Rs 10 coin as rumours spread on validity

Deccan Chronicle  

Hyderabad: Merchants, traders and even roadside vendors are unwilling to accept Rs10 coins, as rumours of their validity are spread like wildfire. Besides, the RBI has also officially announced that the Rs10 coin will not be withdrawn as legal tender.” The RBI official added: “So far, we haven’t received any complaint on the issue and no banker has noticed any …

Security features of ₹500, ₹2000 notes to be changed every 3-4 years
7 years, 11 months ago

Security features of ₹500, ₹2000 notes to be changed every 3-4 years

The Hindu  

To check counterfeiting, the government plans to change security features of higher denomination banknotes of ₹2,000 and ₹500 every 3-4 years in accordance with global standards. Advocating the move, Home Ministry officials said most of the developed countries change security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy. …

Fake Rs 10 coins; people want RBI to take action
8 years, 3 months ago

Fake Rs 10 coins; people want RBI to take action

Deccan Chronicle  

PUDUKKOTTAI: In yet another unseemly fallout of the Centre’s demonetisation of two high value currencies last month, traders and general public in Pudukkottai district are shocked at fake Rs 10 coins circulating here on a large scale. Consequently, most traders across Pudukkottai district have appealed to the Reserve Bank Of India and other authorities concerned to check the menace of …

Fake notes worth Rs 9.6 crore deposited in banks post demonetisation, govt asks RBI to increase vigil
8 years, 3 months ago

Fake notes worth Rs 9.6 crore deposited in banks post demonetisation, govt asks RBI to increase vigil

India TV News  

Alarmed over deposition of fake currency notes worth Rs 9.6 crore in banks post demonetisation, the central government has asked the Reserve Bank of India to increase the vigil and set up a Special Cell to monitor the receipt of fake notes. The banks have received these fake notes of Rs 500 and Rs 1000 denominations in deposits and exchange …

Demonetisation is hardly a durable solution to fake currency: Here's why
8 years, 4 months ago

Demonetisation is hardly a durable solution to fake currency: Here's why

Firstpost  

As stated by Modi in his hour-long speech, demonetisation is designed to curb the very real menace of ‘corruption, black money, and terrorism’ On the evening of 8 November 2016, India’s Prime Minister Narendra Modi, in a televised public address, announced that the highest denominations of the Indian Rupee — Rs 500 and 1,000 notes — would cease to be …

Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains
8 years, 4 months ago

Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains

The Hindu  

Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. All electronic transations on account of business firms, companies and individuals will continue in the new two days: DEA secretary 9:36 pm: The decision to withdraw existing 500/1000 denomination currency notes has surprised everyone says DEA secretary 9:35 pm: Post offices, bannks to open …

RBI warns on fake currency: Here's how you can spot a counterfeit note
8 years, 4 months ago

RBI warns on fake currency: Here's how you can spot a counterfeit note

Firstpost  

The RBI site has the detailed information on the security features on the banknotes; here we have compiled it After the ATM security breach comes the fake currency threat. “It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible …

Fake Rs 500/ Rs 1000 currency circulation high this Diwali, RBI urges citizens to accept notes after scrutiny
8 years, 4 months ago

Fake Rs 500/ Rs 1000 currency circulation high this Diwali, RBI urges citizens to accept notes after scrutiny

India TV News  

Expressing concern over circulation of fake currency notes of Rs 500 and Rs 1,000 denomination, the Reserve Bank of India has asked the public to make it a habit to carefully examine the notes before accepting them during transactions. "It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in …

Those refusing Rs 10 coin in UP could face sedition charge
8 years, 5 months ago

Those refusing Rs 10 coin in UP could face sedition charge

India TV News  

Quelling the rumours that Rs 10 coin has been withdrawn and declared invalid, district authorities in Uttar Pradesh’s Pilibhit have said that anybody refusing to accept the currency could be charged with sedition. "The Rs 10 coin is a national currency and no one has the right to refuse it as the government of India promises to pay the value …

No plans to change Mahatma Gandhi's photograph on currency notes: govt tells Parliament
8 years, 7 months ago

No plans to change Mahatma Gandhi's photograph on currency notes: govt tells Parliament

India TV News  

The Union government today informed the Parliament that it has no plans to change the photograph of Mahatma Gandhi on currency notes. Replying to a question on whether the government intends to replace or add photos of other leaders on currency notes, Minister of State for Finance Arjun Ram Meghwal said "a Committee was formed during UPA which has already …

'7 new features, numbering system to check fake currency'
9 years, 6 months ago

'7 new features, numbering system to check fake currency'

India TV News  

New Delhi: To check the menace of fake Indian currency, new notes, especially the Rs.1,000 and Rs.500 denominations, will have 7 new security features and a new numbering system, official sources here said on Sunday. The Reserve Bank of India subsidiary Bhartiya Note Mudran Pvt Ltd and the state-run Security Printing and Minting Corp are both working to introduce the …

New security features to tackle fake currency notes soon
9 years, 6 months ago

New security features to tackle fake currency notes soon

India TV News  

New Delhi: In order to fight the menace of Fake Indian Currency Notes, the government has approved introduction of seven new security features and the project is likely to be completed by May next year. In the first phase, the features will be included in high denomination notes of Rs 500 and Rs 1000, which are much in demand by …

After 2 decades, Re 1 notes to make a comeback India TV News
10 years, 1 month ago

After 2 decades, Re 1 notes to make a comeback India TV News

India TV News  

New Delhi: One rupee currency notes are set to make a comeback after two decades, although in a different colour. Unlike other currency notes, which are printed by an arm of the RBI, the one-rupee note was always printed by the government as a substitute for the rupee coin under the Coinage Act. In a statement issued, the central bank …

Vaishno Devi image on coin dragged to court; Centre, RBI asked to explain
10 years, 10 months ago

Vaishno Devi image on coin dragged to court; Centre, RBI asked to explain

Hindustan Times  

Can a coin issued by the government of a secular India bear the image of a Hindu deity? Faced with this question filed in a petition by one Nafis Qazi, the Delhi high court on Wednesday questioned the legality of commemorative Rs. 10 coins issued by the RBI carrying the image of Hindu goddess Vaishno Devi. The RBI, which is …

Parliament Allows Govt To Mint Upto Rs 1,000 Denomination Coins
13 years, 7 months ago

Parliament Allows Govt To Mint Upto Rs 1,000 Denomination Coins

India TV News  

New Delhi, Aug 11: Parliament today permitted the government to mint coins of Rs 1,000 denomination even as nostalgia over withdrawal of 25 paise coins was witnessed among Rajya Sabha members. The Coinage Bill, 2009 passed by the Upper House, limits payment by an individual through coins up to Rs 1,000, Finance Minister Pranab Mukherjee said, replying to a debate …

Centre wants to change security features of Rs 2,000 and Rs 500 notes every 3 to 4 years
24 years, 4 months ago

Centre wants to change security features of Rs 2,000 and Rs 500 notes every 3 to 4 years

Scroll  

In an attempt to check counterfeiting, the government intends to change security features on high-value currency notes of Rs 2,000 and Rs 500 every three to four years, PTI reported on Sunday. The newly issued high-denomination notes had no unique security features which set them apart from the demonetised Rs 1,000 and Rs 500 notes, officials said. In December, 2016, …

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