RBI prints 1000 rupee notes without silver security thread by mistake, notes printed in 5AG and 3AP series
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The Reserve Bank of India (RBI) has admitted to wrongly printing Rs 1000 denomination notes without 'silver thread features'.
The notes, reportedly, printed in the 5AG and 3AP series, amount to Rs 30 thousand crore. Out of these, notes worth Rs 20 thousand crores are with RBI while currency notes worth Rs 10 thousand crores have been circulated in the market, media reports say.
Notably, silver security thread is a measure to check counterfeiting. Absence of this feature makes a currency note invalid.
The faulty currency notes were printed at Security Printing and Minting Corporation of India Limited (SPMCIL) at Hoshangabad in Madhya Pradesh and then it reached RBI press in Nashik.
Other reports say that RBI and Finance Ministry have decided to burn these notes.
The RBI has issued instructions to all banks to provide exchange value in case consumers approach them with the faulty notes. (PTI)
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CA.Subhash Chandra Podder
23-Jan-2016 , 07:50:15 amWhere we are Now ?