Defects in new Rs 500 notes, RBI blames it on rush

Discrepancies in notes include differing colour, differently placed shapes and items on the notes and even unequal sizes.

By: Express Web Desk | New Delhi | Updated: November 25, 2016 11:43 am
demonetisation, demonetisation crisis, demonetisation notes, Rs 500 notes, new 500 notes, fake notes, fake currency, demonetisation policy, currency demonetised, currency notes, currency banned, india news, indian express The Reserve Bank of India, for its part, told TOI that the defect could be due to “rush” in printing and that people could use these notes or return them to RBI.

As the crisis owing to demonetisation persists, reports have emerged that the new notes issued by banks are surprisingly different in colour and design from each other. The Times of India reported on Friday about at least three cases where there was a marked difference between two new 500 notes. The report said such differences in legal tender could cause counterfeiting easier, which was one of the reasons cited for effecting demometisation.

The Reserve Bank of India, for its part, told TOI that the defect could be due to “rush” in printing and that people could use these notes or return them to RBI.

In one case, a resident of Delhi told the newspaper that the note had visible shadows of every object, including the image of Gandhi and the national emblem. Some of the items on the note were also placed differently.

In another case, a resident of Gurugram noticed that the size of borders were unequal in two notes.  In a third case, a Mumbai resident was given two notes in which the colour of one note was lighter than the other.

Commenting on the discrepancies, RBI spokesperson Alpana Killawala told TOI, “It is likely that notes with printing defect has got released due to the current rush. However, people can freely accept such a note in transaction or return it to RBI.”

Former Home Secretary GK Pillai also spoke to TOI, saying that counterfeiting is easier in Nepal, Bangladesh and Pakistan since they now have “sophisticated” mechanism. Experts said such discrepancies will increase the chances of counterfeit notes, pointing out the urgent need to check notes thoroughly before accepting them.

The government Thursday night, without any warning, stopped all over-the-counter exchange of notes. This morning, however, it said the exchange of notes can be done only at RBI counters.

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    AK
    Nov 25, 2016 at 8:55 am
    So there are 3 unconfirmed cases of 3 notes precisely!! and IE makes it sound like this is very common. RBI must have issued a generic statement. This is making a mountain out of a molehill. Libtards at it again
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      Haru Mandal
      Nov 25, 2016 at 9:58 am
      Thanks to the Merciful God lt;br/gt;- no one has blamed (YET) the 'sc/st cl people' or the 'reservation' and 'quota' for the monumental demonetisation fiasco (or mismanagement)(*that is yet to unravel into its full glory) - or for the faulty 500 notes from RBI or for the 'unreconfigured' ATMs! Or for the bungling that a Rs 2000 note needed NEW RBI act first. lt;br/gt;lt;br/gt;A Thanksgiving Day prayer only.
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        Narayana
        Nov 25, 2016 at 4:48 pm
        RBI signed 500 notes without proper checking. He had planned and advised PM properly, now the story of 500 notes. U pl withdraw from circulation as early as possible and release correct notes to the Indians.lt;br/gt;This is the effect of bringing in and sending a efficient man from the post.lt;br/gt;Why Subramanya Swamy is silent?
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          PD
          Nov 25, 2016 at 9:05 am
          This is bad reflection on the RBI. I they were not capable of this exercise they should have let the government know, in no uncertain terms.lt;br/gt;Now they should ring up the Taksal in Peshawar and outsource it.
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            Rattihallirao
            Nov 25, 2016 at 8:04 am
            Achhe din coming soon, the bers committed by govt and numerous amendments make things more beneficial to all unscrupulous people, they hv no problem in exchanging old notes as well, paying inr 100 per hour for any body who agrees to stand in theline.( every body is talking about this system). Festival of fake notes
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            1. S
              Shakri
              Nov 25, 2016 at 6:59 am
              RBI don't print notes . Other eny prints notes and RBI pays it for printing currency.
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                adag
                Nov 25, 2016 at 7:30 am
                We are still with you Mr. Modi.
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                  Adeel
                  Nov 25, 2016 at 12:32 pm
                  Who kept quiet? Every scam was uncovered and shown in the media. If no one said anything, then how in the name of God do YOU know about every rubbish that happened? Have some common sense. No one kept quiet. Whether it was bofors, 2G, or anything else. Everything was shown on TV and newspapers and that is the reason everyone knows today. But just because they scammed the nation doesnt mean everyone has the right to do the same now. When will you learn that it doesnt matter whether its UPA or NDA, everyone is the same and we all need to fight each and every corrupt govt. till the point where it finally becomes clean enough. Stop being a blind supporter. And FYI, i am not a congress bhakt. I do not support any political party as they are all the same.
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                    Anoop Natani
                    Nov 25, 2016 at 3:08 pm
                    normally pharma and motor companies used to recall their products because of defect but looks like for the first time even few 500 denominations will be recalled. what a great currency change currency change game is going on. Though lot of people had gone through pain in last few weeks but they are still happy, exciting time ahead for all of them. Now looks like because of these discrepancies people will stop accepting 500 denominations.
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