Reason in Delay of 500 Note
8 November 2016, the Prime Minister Narender Modi made a surprise announcement of demonetize of Rs 500 and Rs 1000 note to break the black money hoarders and the Rs 2000 note reached the bank branches all over the country but the new note of Rs 500 was conspicuously by its absence. It is a difficult to get change of Rs 2000 note and it’s a new bigger problem. The new note of Rs 500 has now launched at all the bank branches after five days of announcement of demonetize of Rs 500 and Rs 1000.
The reason behind the delay of Rs.500 is all about the requirement of the people of India. Every person requires the Exchange money as soon as possible. Hence Printing of Rs. 2000 Note is more required rather than Rs. 500 to fulfill the emergency requirement. Some people said that there is no need of Rs. 2000 Note. But as per the RBI, it is the best and fastest way to exchange the currency to the people of India. If Exchange money with Rs. 500 Note, then it requires four times instead of Rs. 2000 per note.
Delay the Rs 500 note is a big decision was taken to withdraw the high value notes from the market? However, denying the fact that Rs 500 has been under the attack of counterfeiters from across the border, especially Pakistan and China.
The minister of state for home Haribhai Choudhary blamed Pakistan in the parliament, the Haribhai Choudhary said as per the available high quality fake currency notes are printed on sophistication presses located in Pakistan and other countries. High quality fake currency notes available in India and abroad, and its originate only Pakistan, which has created a criminal network in Asian for fake currency in India via Nepal, Srilanka, Thailand, Bangladesh, Malaysia. Same as, Reserve Bank of India data also indicate that the note of Rs 500 has seen the highest instances of counterfeiting followed by Rs 1000 in 2015 and 2016, Reserve Bank of India came across 2.62 Lakh cases of fake note of Rs 500 and compared to 2 Lakh cases of fake note of Rs 1000.
The fake currency number as a percentage of total currency is like 1670 crore notes of Rs 500 and 632 crore note of Rs 1000 are available in India that’s why Narender Modi demonetize the note of Rs 500 and Rs 1000. These fake currency numbers are the ones detected by the banks and the RBI. The actual fake currency in circulation could be much higher. Reserve Bank of India had made the biggest changes in security feature in as a new series of bank notes.
But now good news is that the new currency of Rs. 500 Note is in the bank and people of India can exchange or withdrawal from Bank/ATM.