Security features of the new Rs. 2000 and Rs. 500 notes

Security features of the new Rs. 2000 and Rs. 500 notes 

A look at the security features of the newly-launched Rs. 2,000 and Rs. 500 notes from the RBI's stable.

Rs. 2,000 (colour: magenta)

* Is a part of the Mahatma Gandhi (New) series, with a motif of India's Mars orbiter, the Mangalyaan on the reverse

* Size: 66mm x 166mm

Front side:

1. See through register where the numeral 2,000 can be seen when note is held against light

2. Latent image of 2,000 can be seen when the note is tilted

3. Devanagari denomination

4. Portrait of Mahatma Gandhi

5. Micro letters 'RBI' and '2,000'

6. Colour shift security thread with 'RBI' and '2,000'

7. Guarantee clause, Governor's signature and RBI emblem on the right

8. Watermarks of Mahatma Gandhi and electrotype 2,000 numeral

9. Number panel with numerals growing from small to big on top left and bottom right sides

10. Denominational numeral with Rupee symbol, 2,000 in colour changing ink

11. Ashoka pillar emblem

For visually impaired:

12. Rectangle with Rs.2,000 in raised print on right

13. Seven angular bleed lines in raised print

Rs. 500

The size is 63mm x 150mm, colour is stone grey with Red Fort and Mahatma Gandhi's image on each sides

Features:

1. See through register in denomination numeral

2. Latent image of the denomination numeral

3. Denomination numeral in Devnagari

4. Orientation of Mahatma Gandhi's portrait changed

5. Windowed security thread changes from green to blue when note is tilted

6. Guarantee clause, Governor's signature, RBI emblem shifted towards right

7. Portrait and electrotype watermarks

8. Number panel with numerals growing from small to big on top left and bottom right sides

9. Denomination in nuemrals with Rupee symbol in colour changing ink (green to blue) on bottom right

10. Ashoka pillar emblem on right

For visually impaired:

11. Circle with Rs. 500 in raised print on the right

12. Bleed lines on left and right in raised print

Exchange of old Rs 500, Rs 1,000 notes worth Rs 4,000 allowed only once till RBI review

Exchange of old Rs 500, Rs 1,000 notes worth Rs 4,000 allowed only once till RBI review

The limit to exchange old notes of Rs 500 and Rs 1000 is Rs 4000 till further review by the RBI and NOT per day as has been misunderstood by some people. The Frequently asked Questions (FAQs) on the RBI website and the notification regarding de-monetisation mention that old notes of Rs 500 and Rs 1000 can be exchanged at bank or post office branches till December 30, 2016 up to a value of Rs 4000 by filling up a form and providing ID proof. The notification regarding this does not state that this is 'Rs 4000 per day'.

The above is clear from the notification issued on November 8 regarding "Withdrawal of Legal Tender Character of existing Rs 500/- and Rs 1000/- Bank Notes". Regarding 'Provision of Exchange Facility', this notification states that the old de-monetised notes can be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks for a period up to and including the 30th December, 2016, subject to the following condition: 

(i) the specified bank notes of aggregate value of Rs 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of Rs 4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary. 

This implies that the limit of Rs 4000 per person is at one time exchange allowed till this decision is reviewed 15 days from November 8 i.e. on November 22nd. Two bank branches that this correspondent visited were also following this principle. Further, RBI has not issued any clarification to the contrary so far. 

However, quite obviously this rule is being currently circumvented by people visiting branches of different banks with the same ID proof or with different ID proofs. It appears unlikely that given the short time at their disposal and the current pressure of work bank officials would be able to cross check with branches of other banks. 

The confusion has arisen because of the RBI instructions regarding cash withdrawals from ATMs, which state: Withdrawal from ATMs shall be restricted to Rs 2,000 per day per card up to 18th November, 2016 and the limit shall be raised to Rs 4,000 per day per card from 19th November, 2016. However, it is to be noted that when a person is withdrawing from the ATM he/she is drawing from his/her own bank account and NOT exchanging notes. Quite obviously, RBI has restricted the exchange of notes to Rs 4000 per person till further review. 

Since all the instructions regarding withdrawal from ATM and savings account have been specified for per day, it has been inadvertently assumed that exchange of old notes worth Rs 4,000 limit is also per day. 

VIA ET 

What To Do With Old 500 And 1,000 Rupee Notes

To stop the spread of counterfeit notes, which is aiding terror activities from across the border, and flush out black money, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said on Tuesday. Starting midnight, these notes will only be "worth the paper they are printed on," he said.

A proposal for new 500 and 2,000 rupee notes has been cleared by the Reserve Bank of India.

There will be no change in any other form of monetary exchange -- cheque, DD, payment via credit or debit cards, he said.

Here's what you need to do with your 500 and 1000 rupee notes.

• Deposit them at the bank or post office from November 10 to December 30
• Exchange them from a bank or post office till 24 November. The limit for exchange is Rs.4000
• Take Aadhaar card and PAN Card when you go to exchange notes
• After December 30, these can be deposited at the Reserve Bank with a declaration
• Tourists can change the notes at airports
   

Your 500 and 1000 rupee notes be accepted till November 11 at:

• Petrol Pumps and government hospitals
• Railway, airline, government bus  ticket booking counters
• Consumer co-operative stores run by state or central government
• Milk booths authorized by state governments
• Crematoriums and burial grounds

Here Is A Look At New Rs. 500, Rs. 2,000 Notes

The RBI said the move is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.

The government in a surprise move on Tuesday announced that the Rs. 500 and Rs. 1,000 will be withdrawn. "This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes," the Reserve Bank of India said in a release.

As part of the move, the RBI will issue new bank notes of Rs. 500 and Rs. 2,000 denomination.

Here are some features of the new bank notes of Rs. 500 denomination, as per the RBI:

New Rs. 500 notes are different from the present series in colour, size, theme, location of security features and design elements

Size of new note is 63mm x 150 mm

Colour of the note is stone grey

The predominant new theme is Indian heritage site - Red Fort

The size of the new Rs. 500 note is 63mm x 150 mm, the RBI said.

Here are some features of the new bank notes of Rs. 2,000 denomination, as per the RBI:

Rs. 2,000 notes will be part of Mahatma Gandhi (New) Series

New Denomination has motif of the Mangalayan on the reverse, depicting the country's first venture in interplanetary space

Base colour of note is magenta

Note has other designs, geometric patterns aligning with the overall colour scheme

Size of the new note is 66 mm x 166 mm

Rs. 500, Rs. 1000 currency notes to be out of circulation from midnight

Rs. 500, Rs. 1000 currency notes to be out of circulation from midnight

From midnight today, till November 10, ATMs will not function. Banks will be closed for public transactions tomorrow.

The Union Government has decided to do away with Rs. 500 and Rs. 1000 currency notes from midnight on Tuesday. These notes will cease to be legal tender from the midnight of November 8, 2016, announced Prime Minister Narendra Modi in his address to the nation on Tuesday. "These notes will only be papers from tomorrow," he said in Hindi, adding that the move is to curb circulation of counterfeit notes and fight blackmoney.

People who posess currency notes of these denomination can exchange them in banks and head and sub post offices from November 10 to December 30, by providing a valid proof for identity such as Aadhar card, PAN card or voters ID card.

Check out the video in youtube here: 

Post December 30, these notes will be accepted only by the Reserve Bank of India after submitting a declaration.

From midnight today, till November 10, ATMs will not function. Banks will be closed for public transactions tomorrow.

For a few days, only upto Rs. 2000 can be withdrawn from ATMs. This will be enhanced to Rs. 4000 later. The withdrawal limit for ATM will eventually be fixed at Rs. 10,000 per day and Rs. 20,000 per week.

There are some exemptions: Government hospitals, pharmacies at Government hospitals, public sector-run petrol bunks, and burial grounds.

Airports will make arrangements to inform international travellers that the cash limit is Rs. 5000.

This move will not affect debit cards, cheque and digital transfer of money.

All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected.

In an unusual televised address, as the NDA government completes two-and-a half years rule on Tuesday, Mr. Modi said Rs. 500 and Rs. 1000 denominations are mostly counterfeited "from across the border."

"We have brought back Rs. 1,25,000 crores of blackmoney from corrupt people through various means," the Prime Minister said.

Coutesy: The Hindu

Top 10 Law Firms in India - December 2013

Top 10 Law Firms in India - December 2013

1.Mulla & Mulla & Craigie Blunt & Caroe

2.Desai & Diwanji

3.Khaitan & Partners

4.Anand and Anand

5.Gagrats Advocates & Solicitors

6.Jehangir Gulabbhai & Bilimoria & Daruwalla

7.Surana & Surana International Attorneys

8.Titus & Co.

9.Singhania & Partners

10.FoxMandal Little

Top 10 Law Firms in India - November 2013

Top 10 Law Firms in India - November 2013

1.Mulla & Mulla & Craigie Blunt & Caroe

2.Desai & Diwanji

3.Khaitan & Partners

4.Anand and Anand

5.Gagrats Advocates & Solicitors

6.Jehangir Gulabbhai & Bilimoria & Daruwalla

7.Surana & Surana International Attorneys

8.Titus & Co.

9.Singhania & Partners

10.FoxMandal Little

The Customer who Shook the Credit Card company by his "Terms and Conditions" !!!

The Customer who Shook the Credit Card company by his "Terms and Conditions" !!!

Indian rupee plunges to 60-level as US dollar demand spikes 

Indian rupee trimmed its early losses but was still quoted lower by 83 paise to 59.53 per dollar after hitting 60-level on strong demand for US dollars from banks and importers amidst sharp fall in equity market.

Persistent capital outflows from foreign funds also affected the market sentiment.

The rupee resumed lower at 59.50 per dollar against the last closing level of 58.70 per dollar at Interbank Foreign Exchange (Forex) Market and dropped further to an all-time low of 60.00 per dollar before quoting at 59.53 per dollar at 1040 hrs.

In New York, the US dollar surged yesterday after Federal Reserve Chairman Ben Bernanke said the central bank could slow the pace of its bond-buying programme later this year if its economic forecasts are accurate.

List of Best Top Ten Banks of US

We recently published a list of India’s Top 10 Banks. In this post we are going to give you the list of Best Top 10 Banks in the (US) United States. This article contains the names of Best Banks of US as well as some helpful details like official websites, assets etc. We know that everyone want to know about the best things and use the best one. Same in the case of banks, we want to save our cash or our earnings in that bank where we can get the safety of our wealth as well as a good amount of interest on them. This post is also helpful for the G.K (General Knowledge) purpose. Knowledge is power. So don't think that if you are not a US resident then this list is not for you. Please don’t forget to share it with your love ones from the scrolling tab on the left hand side.

• 1. J.P.Morgan Chase & Co 

Website: www.jpmorganchase.com 
Assets: 2,389,349.0 $m

• 2. Bank of America Corp 

Website: www.bankofamerica.com 
Assets: 2,174,611.0 $m

• 3. Citigroup 

Website: www.citigroup.com 
Assets: 1,881,734.0 $m

• 4. Wells Fargo & Company 

Website: www.wellsfargo.com 
Assets: 1,436,634.0 $m

• 5. Goldman Sachs Group 

Website: www.goldmansachs.com 
Assets: 959,000.00 $m

• 6. Morgan Stanley 

Website: www.morganstanley.com 
Assets: 801,000.00 $m

• 7. Bank of New York Mellon 

Website: www.bnymellon.com 
Assets: 355,942.0 $m

• 8. U.S. Bancorp 

Website: www.usbank.com 
Assets: 355,447.0 $m

• 9. HSBC North America Holdings 

Website: www.us.hsbc.com 
Assets: Na

• 10. Capital One 

Website: www.capitalone.com 
Assets: 300,163.0 $m