The RBI said it has received complaints about notes of Rs 1,000 denomination without the security thread being in circulation and has asked banks not to issue them in case these are found.
“We have received complaints regarding banknotes in the denomination of Rs 1,000 printed by Currency Note Press, Nashik, on the paper (without security thread) supplied by Security Paper Mill (Hoshangabad),” an RBI spokesperson told PTI.
The Reserve Bank has informed all the banks in Mumbai region not to issue such notes if found in stock and to provide exchange value to the customer who approaches with such a note, if it is otherwise genuine.
“We have also escalated the matter to the government,” the spokesperson said. The total number of such notes with public may not be more than 500 pieces, the spokesperson added.
So, in value terms these would be worth Rs 5,00,000. However, some other media reports said the figure might run into crores.
The 1000-rupee notes which was introduced in October 2000, contain a readable, windowed security thread alternately visible on the obverse with the inscriptions ‘Bharat’ (in Hindi), ‘1000’ and ‘RBI’, but totally embedded on the reverse.
Earlier in January, The Times of India had reported that the government-owned New bank-note paper line (NBNPL) in Hoshangabad, Madhya Pradesh, had produced as many as 80,000 defective Rs 500 notes and 10,000 defective Rs1,000 notes had hit the market.
Feature image for representation / Twitter