Reserve Bank of India (RBI) decreed banks to terminate the circulation of notes of Rs. 1,000 denomination without the security thread.
- The decision in this regard was taken due to the complaint, that was received by RBI regarding bank notes in the denomination of Rs 1,000 printed by Currency Note Press, Nashik, on the paper (without the security thread) supplied by Security Paper Mill (Hoshangabad).
- The total value of the faulty notes is around Rs 5 lakh.
About Security Printing and Minting Corporation of India:
Instigated in 2006, SPMCIL is a government-owned corporation under Ministry of Finance, engages in the production of bank notes, coins, non – judicial stamps, postage stamps and other government related documents for India.
- It contains 3 units consisting – 4 presses, 4 mints and a paper mill.
Here are some Interesting and Importing facts regarding Indian currency
- There cannot be banknotes in denominations higher than ten thousand rupees.
- Coins can be issued up to the denomination of Rs 1000 in terms of Coinage Act, 2011.
- The highest denomination note ever printed by RBI was the Rs 10000 note in 1938 and 1954. These notes were demonetized in 1946 and again in 1978 respectively.
- Currency paper is composed of cotton and cotton rag.
- Notes are printed at four printing presses located at Nashik (Maharashta), Dewas (Madhya Pradesh), Mysore (Karnataka) and Salboni (West Bengal).
- Coins are minted at the four mints at Mumbai, Noida, Kolkata and Hyderabad.
- Security Paper Mill that produces papers for banknotes and non–judicial stamps is situated at Hoshangabad, Madhya Pradesh.
- The amount of a banknote is written on it in 17 official languages of India.
- Soiled banknote: Become dirty due to usage and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note.
- Mutilated banknote – A portion is missing or which is composed of more than two pieces.
- Imperfect banknote – means any banknote, which is wholly or partially, obliterated, shrunk, washed, altered or indecipherable but does not include a mutilated banknote.