swamy's scrap's on banknote 2014

Swamys

Scraps on Banknote 2014

Narayanan Krishnaswamy

II Swamys Scraps on Banknote 2014

Swamys

Scraps on Banknote 2014

2015

http://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gif

III Swamys Scraps on Banknote 2014

to Banknote Professionals

IV Swamys Scraps on Banknote 2014

2015 Narayanan Krishnaswamy

Author does not have any copy right of any of the items scraped in this scrap book on banknotes, banknote

printing and banknote counterfeiting. ALL RIGHTS RESERVED BY THOSE WHO HAVE PUBLISHED

THESE ARTICLES, NEWS OR FEATURES. Any part of this work covered by the copyright herein may be

reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical,

including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information

networks or information storage and retrieval systems, except as permitted with the prior written permission of

the concerned publisher or author.

All the logos, monograms, symbols, ensigns, marks, crests, motifs, visuals, brands, colours etc., are trademarks or

registered trademarks or proprietary markings of the concerned individuals, groups, institutions, organisations,

establishments, individuals or respective owners and author does not have and claim any right over them.

Cover illustration by Diogo Trindade. Source: Virus Banknotes, Glitch Experimental Design,

https://www.behance.net/gallery/5129445/Virus-Banknotes


[email protected]
http://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gif

V Swamys Scraps on Banknote 2014

Preface This compilation of news on banknote, its production and counterfeiting is

entering one more year. Hope this update too caters to the aspiring needs of

banknote professionals in keeping them abreast in their professional domain

and make them relevant in their work life. This collection has focussed on the

fields of design, printing, security printing and banknote production - where I

am currently engaged in.

This book is an annual compilation of banknote related news from the

year 2014 and covers the events published as news through the year. These

scraps of news items cover topics ranging from new technologies introduced,

new challenges thrown in, scandals which had been brought to light, new

launches of banknotes etc. The year 2014 witnessed the launch of new Euro

10 with Europa and abstract design proposals for Norwegian currency. Two

thousand and fourteen also witnessed some withdrawals of currencies like

Indian Rupee, up-gradations and failures. The author hopes that this small

drop of information in this traditional and conservative industry quenches the

thirst of knowledge. Any suggestion on the functionality and presentation of

this compilation is welcome.

This is presented in three parts, namely Banknote, Banknote Printing and

Counterfeiting and is arranged chronologically. An index is provided at the

end for easy access of the required information.


VI Swamys Scraps on Banknote 2014

Acknowledgments This book owes a lot to those who have faith on me, who have expectations

on me, whose words and deeds have nurtured me to do undertake this

venture. This compilation was sent as Some Updates to few of my senior

professionals to facilitate or enable taking knowledgeable decisions. Many

of them have offered words of encouragement which have been duly

considered in presenting this. I acknowledge BRBNMPL, my current employer

profusely in motivating me to pursue this effort.

I gratefully acknowledge Shri. Kaza Sudhakar, Managing Director; Shri.

S. Shakarasubramanian, Director; Captain S. Madhav Rao, Director; Bharatiya

Reserve Bank Note Mudran Private Limited, Bangalore, India and Shri. B. N.

Chakraborty and Shri. H. S. T. Desai, General Managers, Bharatiya Reserve

Bank Note Mudran Private Limited, India whose words of encouragement

have mattered a lot to me in publishing this.

Medha and Jayashree have always been my inspiration in finishing this

Volume. Appa and Amma have stood by me always.


VII Swamys Scraps on Banknote 2014

Banknote

TN: Brazilian Currency Notes Seized ............................................................................ 2

News Release - Bank of England Announces Houblon 50 Banknote to be Withdrawn.................. 3

RBI to Withdraw All Pre-2005 Currency Notes ..................................................................... 5

Withdrawal Syndrome ............................................................................................... 6

One billion plastic notes of Rs10 denomination later this year .............................................................. 8

RBI Extends Date for Exchanging Pre-2005 Currency Notes ........................................... 8

RBI Says No Goof-up in Note Printing .......................................................................... 9

Russia, Kazakhstan and Belarus to have New Joint Currency by 2025 ............................... 9

2014 $2 Triple Deuce Set ......................................................................................... 11

RBI to Issue Rs 100, Rs 50 Banknotes with 2014 Printing year ...................................... 13

Raghuram Rajan Signed Rs 1,000 Banknotes from RBI in a Bank Near You Shortly .......... 13

Plastic Currency Notes to be Launched in 2015: Raghuram Rajan .................................. 14

Plastic Banknote will Commemorate 125th Anniversary of Forth Bridge .......................... 15

Thousands of Currency Readers in the Pipeline for the Blind ....................................... 16

SBP Issues New Notes Worth Rs 157bn .................................................................... 19

More Women on U.S. Currency? Obama Has That Power ............................................ 20

New Banknotes Launched, Redenomination will Go On ...................................................... 20

Azerbaijan to Introduce High-nominal Banknotes .............................................................. 21

New banknotes to fight Australian counterfeiting ........................................................................ 22

A 5,000-Rupee Note .................................................................................................... 23

New EUR 10 banknote enters circulation ....................................................................................... 23

PMs brother-in-law calls for boycott of 50 shekel note ....................................................................... 24

Norway's New Banknotes Are Works of Art ..................................................................... 24

K50 Banknote Bearing portraits of Presidents Launched ...................................................... 25

Smartphone App to Detect Currency Denominations .................................................. 26

Financial facelift with new $100 bills ............................................................................. 26

New Smartphone App can Enable the Blind to 'See the Money' Now .............................. 27

New Zealand Unveils New Currency Notes .................................................................. 27

NZ Unveils New Range of Banknotes ............................................................................. 28

Plastic Note Trial in Mysuru, 4 Other Cities ................................................................. 28

Dont Replace Gandhiji with Other Leaders on Banknotes: RBI ...................................... 29

Is That $1 or $5? Ask This Money Reader for The Blind ............................................... 29

Govt to Issue Rs.1 Currency Note After Gap of Two Decades ............................................... 31

VIII Swamys Scraps on Banknote 2014

De La Rue Chose Mas Image for New TT $50 Bill .................................................... 31

Banknote Printing

Designing U.S. currency to prevent counterfeiting ........................................................ 35

Wichitas Envision selected for study that could change U.S. currency ............................ 36

Euro Banknotes will Remain Paper, not Plastic ............................................................ 38

Spectra Systems Gets First Banknote Security Orders For New Facility ............................................... 39

Low world paper price continues to tax banknote giant De La Rue ................................. 39

Banknotes, coins, security paper output up 9-11% in Apr-Jan ........................................ 40

Austrian Money Printer Paid Bribe for Contracts, Prosecutors Say ................................. 40

Commissions ....................................................................................................................................... 41

Note Theft at Sri Lankas Official Money Printer De La Rue, Police Arrests a Suspect ................................ 42

Saturday, February 22, 2014 ............................................................................................................ 42

De La Rue CEO Tim Cobbold quits to join UBM LONDON ........................................... 42

KSRTC buses connect Note Printing Press Again ........................................................ 44

INNOVIA PLASTIC BANK NOTE DEAL BRINGS 80 NEW JOBS .............................. 44

No more counterfeit bank notes ................................................................................. 45

Researchers from the Korea Advanced Institute of Science and Technology ................... 45

They are made from tiny nanowires ........................................................................... 45

The unique patterns contain between 20 and 30 of silver strips ...................................... 45

The fingerprints could also be used to tag electronics and drugs .................................... 45

Pollard Banknote Announces Purchase of New 22-Station Press ................................... 46

RF to Power Printed Counterfeit Protection................................................................ 47

The Banque du Liban Launches its new Polymer 50,000 .............................................. 47

Louisenthal Wins Industry Award for Best New Currency Feature ................................ 47

Washington D.C. - 11 April 2014 ..................................................................................................... 48

TECHNOLOGY: Creating Currencies - The Bold Designs that Deter Banknote Forgers ................... 48

Fortress Paper's Durasafe(R) Confirmed for New Swiss Franc Series ............................ 49

PRESS RELEASE ................................................................................................... 49

RBA Denies Access to Report on Money-printing Arm's Dealings with Saddam Regime .... 50

De La Rue Cites Restructuring As Full Year Profit Rises ............................................................ 50

De La Rue Positive on Future, but Spectre of 2010 Lingers ................................................................ 51

Reopen Banknote Scandal Case, Anti-graft Pressure Group tells MACC ........................ 54

US Government Prints 528 Million Banknotes in June 2014 .......................................... 55

Printing Fiat Money: Australian Allegations of worldwide bribery .................................... 55

Lithuania will Receive Euro Banknotes from Central Bank of Germany ................................... 57

IX Swamys Scraps on Banknote 2014

Concerned Over India's Lack of Currency Printing Ability: President ...................................... 57

Vancouver's Fortress Paper Sells Part of Bank Note Unit .............................................. 58

Quebec-based plant........................................................................................................................... 58

Banknote printer De La Rue appoints Martin Sutherland as chief ................................... 58

India Security Press invites tenders to procure paper ................................................... 60

BoE names De La Rue Preferred Bidder for Banknote Printing ...................................... 61

App Enables Blind and Visually Impaired Individuals to Identify U.S. Currency Notes with

Android Smartphone ................................................................................................ 62

Zayed University Students Design Special Banknotes ................................................... 62

By Sara Sabry ........................................................................................................ 62

2014 Intaglio Print Defenders of Freedom Coast Guard ................................................ 63

Paper money that can be read by the blind likely delayed until 2020 ............................... 64

Mysore to manufacture paper for currency notes next year ............................................ 67

Duchatczek Satisfied ............................................................................................................................ 68

BRIEF De La Rue signs 10 year banknote printing contract with Bank of England ......... 69

Banknote Market 2014 Analysis ................................................................................. 69

Two Acquitted ....................................................................................................................................... 73

Tons of Money ...................................................................................................................................... 73

Global Printer ........................................................................................................................................ 74

Azeris Pay ............................................................................................................................................. 74

No Truth .............................................................................................................................................. 74

20 Percent ............................................................................................................................................ 74

Plastic Money ....................................................................................................................................... 74

Its About Greed .................................................................................................................................. 75

Acquittal Appeal .................................................................................................................................... 75

Billions of New $100 Bills Slow to Millions In 2014 ............................................................... 75

Bank Al Maghrib to Print Banknotes for Worlds Market ................................................ 78

BEP Accepting Applications for Free Currency Readers ................................................ 79

Kenya: Kinyua Accused of Helping De La Rue in Tender .............................................. 79

Kenya Buys De La Rue 40 Percent for Sh700 Million ................................................... 80

ICAC, RBA Note Printing Push Australia Down Corruption Perception Ladder ......................... 81

Counterfeiting

Probe Intensified into Fake Currency Notes Case ........................................................ 84

Brothers Printed Fake Banknotes ................................................................................... 84

Printers Jailed for Fake Banknote Scam ............................................................................................... 86

The Rs 5 Note in Your Hand may be Fake .................................................................. 86

NIA nails Pakistan in Court for Pushing Fake Currency into India .................................. 88

X Swamys Scraps on Banknote 2014

CBI today arrested two persons in Moradabad. ............................................................ 89

"The recovered FICN are in the denomination of Rs.1000 and Rs. 500.. .......................... 89

"During the last week, CBI had also arrested two accused. ........................................... 89

Increase in Pak-printed Fake Currency Notes Smuggling to India ................................... 90

City Rife with Counterfeit Currency Notes ....................................................................... 91

What BSP is Doing to Combat Counterfeit Bills ........................................................... 92

Three of Fake Currency Smuggling Racket Held .......................................................... 92

Fake Currency: How Central Banks approach the Problem of Counterfeits .................. 93

New Port Richey Man Accused of Counterfeiting Money .................................................... 95

Shopowner Gets Fake Currency Notes ............................................................................ 95

SSB Seizes Gold and Fake Currency Worth Rs 2 crore at Nepal Border ............................ 96

Cops Bust Inter-State Counterfeit Currency Racket in Erukanchery ........................................ 96

Fake Currency Notes of Rs One Lakh Seized; Woman Arrested ............................................ 97

Two Men Convicted for Possessing Fake Currency ....................................................... 97

Small-denomination Fake Notes Vex City Police .......................................................... 97

Two Jailed After Caught With $43,000 in Fake Cash .......................................................... 98

National Investigation Agency ropes in Indian Statistical Institute ................................... 98

Counterfeiters Lapping Up Rs. 100, 1,000 Bills ............................................................ 99

City Police Bust Fake Currency Racket, 3 Arrested .......................................................... 100

Yangon Man Arrested for Using Fake Banknotes ....................................................... 101

Myanmar did not have a major problem with counterfeit notes. ............................................... 102

Italy Makes massive Seizure of Counterfeit Euro Banknotes ........................................ 102

Counterfeit Notes Rise in FY14 ................................................................................... 103

Counterfeit $50 Notes Warning ................................................................................... 104

Counterfeit Currency in Circulation at the Border ...................................................... 105

Fake Currency Printing Unit Busted, Six Held ................................................................ 106

Pakistan Runners Pumping Fake Currency Notes into India ................................................ 107

9 Get Jail for Fake Currency Racket ............................................................................. 108

BANKNOTE

2 Swamys Scraps on Banknote 2014

http://www.newindianexpress.com/states/tamil_nadu/TN-Brazilian-Currency-Notes-Seized/2014/01/10/article1993808.ece#.UvStedKSw_Y

TN: Brazilian Currency Notes Seized

By PTI RAMANATHAPURAM Published: 10th January 2014 11:48 PM Last Updated: 10th

January 2014 11:48 PM

Four persons, including three women, were arrested for possessing Brazilian currency notes at

Erwadi near here Friday. "It is not immediately known whether the currency notes Real seized from

the gang were real or fake notes", police told PTI. Two of them were from Sivakasi where printing

of fake notes used to be very common. Police refused to divulge the quantity of notes seized.

http://www.balkans.com/open-news.php?uniquenumber=187187

Balkans.com Business News Correspondent - 14.01.2014

New Europa Series 10 Banknote Introduced as more Counterfeits in Second half of 2013

Yves Mersch, member of the ECBs Executive Board, yesterday unveiled the new Europa series 10

banknote, which follows the new 5 banknote, issued on 2 May 2013. The other banknotes in this

series will be introduced gradually over the coming years. The new 10 banknote of the Europa

series will start circulating on 23 September 2014, thus giving enough time for all parties to prepare

for a smooth introduction.

The new 10 will be easily recognisable as its design is similar to the 10 of the first series.

The design incorporates advances in banknote technology, making the note even more resistant to

counterfeiting. It will also be more durable. The banknotes of the Europa series are being

introduced gradually over several years. Euro banknotes are a tangible symbol of the European

Union. 334 million people in 18 countries now use the euro.

In the second half of 2013 a total of 353,000 counterfeit euro banknotes were withdrawn

from circulation 11.4% up on the figure for the first half-year. The number of counterfeits,

however, remains very low in comparison with the number of genuine banknotes in circulation

during that period (over 15 billion). Despite this small number, the members of the Eurosystem

i.e. the European Central Bank (ECB) and the 18 national central banks of the euro area advise

people to stay vigilant when receiving banknotes. Genuine banknotes can be easily recognised using

the simple feel, look and tilt method described on the euro pages of the ECBs website and the

websites of the Eurosystem national central banks. If a person receives a suspect banknote, he/she

should compare it directly with one that is known to be genuine. If those suspicions are confirmed,

the person should contact either the police or depending on national practice the respective

national central bank.

In the second half of 2013. the 20 and 50 continued to be the most counterfeited

banknotes. The proportion of counterfeit 20 notes increased and that of counterfeit 50 notes

decreased. Together, they accounted for 78% of the counterfeits; the number of 10 counterfeits

rose, but this denomination still only comprised 6.3% of the total; and most (98.0%) of the

counterfeits were found in euro area countries. Only around 1.5% were found in EU Member States

outside the euro area and 0.5% were found in other parts of the world. The Eurosystem

communicates in various ways to help the public distinguish between genuine and counterfeit

notes, and to help professional cash handlers ensure that banknote-handling and processing

machines can reliably identify and withdraw counterfeits from circulation. The Eurosystem has a

duty to safeguard the integrity of the euro banknotes and to draw on improvements in banknote

technology. The Europa series it is introducing will contribute to maintaining public confidence in

the currency. The new series will offer optimal protection against counterfeiting, as the banknotes

will be even more secure and durable.

Highlights;

353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2013.

This figure is very small considering that there are over 15 billion genuine banknotes in circulation

at any one time. Over 75% of the counterfeits are 20 and 50 banknotes. The number of 10

counterfeits increased, but only represented 6.3% of the total. To stay ahead of counterfeiters, the
http://www.newindianexpress.com/states/tamil_nadu/TN-Brazilian-Currency-Notes-Seized/2014/01/10/article1993808.ece#.UvStedKSw_Yhttp://www.balkans.com/open-news.php?uniquenumber=187187


Eurosystem is today unveiling a new, upgraded 10, the second banknote in the Europa series. Any

euro banknotes can be easily verified using the feel, look and tilt method. The euro banknotes

remain a trusted and safe means of payment. ECB

http://armenpress.am/eng/news/746019/ecb-presents-%E2%82%AC10-banknote.html

ECB Presents 10 Banknote

ARMENPRESS Armenian News Agency16:40, 13 January, 2014

YEREVAN, JANUARY 13, ARMENPRESS: The European Central Bank unveiled the 10 banknote at a

press conference in Frankfurt am Main held on January 13 2014. The new 10 will start circulating

on 23 September 2014. Armenpress reports, citing the press-release of the European Central Bank

that the Europa series 5 started circulating in the euro area on 2 May 2013. The other banknotes in

the series will be introduced gradually over several years, in ascending order. The denominations

remain unchanged: 5, 10, 20, 50, 100, 200 and 500.

The new banknotes are called the Europa series because two of their security features

contain a portrait of Europa a figure from Greek mythology and the origin of the name of the

continent. The new banknotes are to be introduced gradually over several years, in ascending

order, so the 5 will be followed by the 10, then the 20 etc. The denominations remain

unchanged: 5, 10, 20, 50, 100, 200 and 500.

The exact timing of the issuance of the remaining denominations will be determined and

communicated to the public and cash handlers at a later stage. Banknote equipment manufacturers

have been involved in the development of the Europa series to allow them to prepare for the

introduction of the new banknotes. The new series includes new and enhanced security features

which will offer better protection against counterfeiting.

The new banknotes represent an evolution. They will still feature the "ages and styles"

design of the first series and show the same dominant colors, but have been slightly modified to

accommodate the enhanced security features. This also makes them easy to distinguish from the

first series. An independent banknote designer based in Berlin, Reinhold Gerstetter, was selected

to refresh the design of the notes. As with the first series of banknotes, visually impaired users

were consulted during the design phase of the second series, and their requirements were included

in the final designs.

The 5 banknote was the first denomination of the Europa series. The second one will be

the 10, to be introduced as of 23 September 2014. As both denominations change hands

frequently, they have been given a coating to make them more durable. This means that the

banknotes will need to be replaced less frequently, thereby reducing the cost and the impact on

the environment.

When the new 5 was issued, the first series 5 continued to be issued as well for several

months in order to use up remaining stocks. The same will happen for the new 10 and the higher

denominations. In any case, for each denomination both series will continue to circulate in parallel

as legal tender.

The date when the first series of euro banknotes ceases to be legal tender will be

announced well in advance. However, the banknotes of the first series will always retain their

value: they can be exchanged for an unlimited period of time at the Eurosystem NCBs.

2009 ARMENPRESS

http://www.bankofengland.co.uk/publications/Pages/news/2014/022.aspx

News Release - Bank of England Announces Houblon 50 Banknote to be

Withdrawn on 30 April 2014

The Bank of England announces today that the 50 banknote carrying the portrait of Sir John

Houblon, the first Governor of the Bank of England, will be withdrawn from circulation on 30 April.

From that time, only the 50 note featuring Matthew Boulton and James Watt, which was introduced

in November 2011, will hold legal tender status.
http://armenpress.am/eng/news/746019/ecb-presents-%E2%82%AC10-banknote.htmlhttp://www.bankofengland.co.uk/publications/Pages/news/2014/022.aspx


Members of the public who have Houblon 50 notes can continue to use them up to and including 30

April.

After 30 April, general retailers are unlikely to accept the Houblon notes as payment.

However, most banks and building societies will continue to accept them for deposit to customer

accounts. Agreeing to exchange the notes after 30 April is at the discretion of individual institutions.

Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon 50

notes for members of the public up to the value of 200 until 30 October 2014.

The Bank of England will continue to exchange Houblon 50 notes after 30 April, as it would for any

other Bank of England note which no longer has legal tender status.

Notes to Editors

1. Two images, one each of the front and back of the Houblon 50 banknote, are on the Bank Flickr

channel for use in the news media: http://www.flickr.com/photos/bankofengland/sets/

2. A short video of Victoria Cleland, Head of Notes Division, talking about the withdrawal of the

Houblon 50 note is available at the following link: http://youtu.be/_dj6HSln0Mo

3. To arrange interviews, please call the Bank of England Press Office on 0207 601 4411 or

email [email protected]

4. Details of the Houblon 50 withdrawal are also available on A4 posters highlighting the 30 April

withdrawal date. Copies of these are available free of charge by calling 020 7601 4878. Further

information is also available on the banknote pages of the Bank's website

atwww.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal

5. The Houblon notes are being withdrawn under authority given to the Bank by virtue of Section 1 (5)

of the Currency and Banknotes Act 1954.

6. 'Legal tender' means that if a debtor pays in legal tender the exact amount they owe under the

terms of a contract, they have a good defence in law if they are subsequently sued for non-payment

of the debt. In practice, the concept of 'legal tender' does not govern the acceptability of banknotes as

a means of payment. This is essentially a matter for agreement between the parties involved.

7. The Bank of England regularly reviews and updates its notes in order to take advantage in

banknote design and security. The withdrawal of the Houblon 50 note is part of that process.

8. The Houblon 50 banknote was first issued on 20 April 1994. The Boulton and Watt 50 banknote

was first issued on 2 November 2011.

9. There are approximately 224 million 50 notes (11.2bn) in circulation, of which an estimated 63

million (3.2bn) are Houblon notes.

10. Old series Bank of England notes can be presented for exchange either in person at the Banks

premises in London, or sent by post (at the senders risk) to: Dept NEX, Bank of England,

Threadneedle Street, London EC2R 8AH. For further details, please see the Bank of England

website.

Brief historical background on historical characters

Sir John Houblon

Sir John Houblon was the first Governor of the Bank of England; he was appointed to this position in

July 1694. In 1696 he was re-elected by a General Court of Proprietors and continued in office until

July 1697. The Houblon 50 note was issued in 1994 to coincide with the Banks 300th anniversary.

The design on the back of the note includes an image of Houblon's house in Threadneedle Street on

the site of the Bank's present building.

Matthew Boulton and James Watt

Matthew Boulton and James Watt were responsible for accelerating the progress of manufacturing

steam engines during the 18th and 19th centuries. Their inventions and improvements to this

technology made a significant contribution to the progress of the Industrial Revolution. In 1775 the two

men entered a partnership to develop and market steam engines. Initially these were for use in the

mining and textile industries before they extended the innovation to benefit a wider range of industries

in the UK and worldwide.
http://www.flickr.com/photos/bankofengland/sets/http://youtu.be/_dj6HSln0Momailto:[email protected]://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal


http://indiatoday.intoday.in/story/rbi-to-withdraw-all-pre-2005-currency-notes/1/339154.html

RBI to Withdraw All Pre-2005 Currency Notes

PTI New Delhi, January 22, 2014 | UPDATED 18:14 IST

The Reserve Bank on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs.500

and Rs.1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake

currencies.

"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to

2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI

said in a statement

The public can easily distinguish the currency notes issued before 2005 as they do not have the year

of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in

notes issued after 2005.

Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI)

said old notes will continue to be legal and can be exchanged in any bank after April 1.

"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks

will provide exchange facility for these notes until further communication," the RBI said.

From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs.500 and Rs.1,000 notes

will have to furnish proof of identity and residence to the bank. Although the RBI did not give any reason for

withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash. As the new

currency notes have added security features, they would help in curbing the menace of fake currency.

At present, currency notes in denominations of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1,000

are issued.

http://www.hindustantimes.com/news-feed/jammusec/now-currency-note-security-features-for-amarnath-yatra-form/article1-1175625.aspx

Now, Currency Note Security Features for Amarnath Yatra

HT Correspondent, Hindustan Times Jammu, January 22, 2014

To curb duplication of registration forms of Amarnath yatra, the Shri Amarnathji Shrine Board (SASB)

will issue new forms this year onwards, with security features of currency notes.

The forms will be printed by Security Printing and Minting Corporation of India Limited

(SPMCIL), which is also responsible for the printing of currency notes, passports and stamp papers.

The printing will cost nearly `75 lakh.

The design of the form was approved in a meeting of the board chaired by state governor NN

Vohra, who is also the chairman of the board.

The revised form will have many security features, including the Ashoka pillar watermark and

text 'Shri Amarnathji Shrine Board' and the board's logo printed in the background, which can be seen

only through a powerful magnifying glass.

The logo, which will be printed in fluorescent blue ink, can be viewed under ultraviolet light,

and the printing would be done with chemically-sensitive security ink.

http://www.moneylife.in/article/new-polymer-rupee-notes-should-replace-those-printed-before-2005/36177.html

New Polymer Rupee Notes Should Replace Those Printed Before 2005!

AK RAMDAS | 31/01/2014 11:43 AM |

Why not take this as the golden opportunity to introduce polymer currency notes of Rs500 and

Rs1,000 in a single move?

Every now and then couriers and "mules" are caught carrying fake Indian currency notes. However,

quantity and frequency have increased recently, as per reports appearing in the press. Investigations

by various related agencies have come to the sad conclusion that these originate from Pakistan.

Supplies via Nepal and Bangladesh were regular; this was increased due to the presence of large

Indian expatriate population in the Gulf. Now reports indicate that Cambodia (Kampuchea) is one

more point of distribution from where the fake currency finds its way to India.
http://indiatoday.intoday.in/story/rbi-to-withdraw-all-pre-2005-currency-notes/1/339154.htmlhttp://www.hindustantimes.com/news-feed/jammusec/now-currency-note-security-features-for-amarnath-yatra-form/article1-1175625.aspxhttp://www.hindustantimes.com/Search/search.aspx?q=HT%20Correspondent&op=authhttp://www.moneylife.in/article/new-polymer-rupee-notes-should-replace-those-printed-before-2005/36177.htmlhttp://www.moneylife.in/author/ak-ramdas.html


Therefore the present move by the Reserve Bank of India (RBI) to replace the old

currency notes minted before 2005 has to be viewed from different angles. First is the fear that

"foreign hands", especially Pakistan, can cause havoc by pushing the supplies of these fake

Indian currency notes in circulation that may be designed to be supplied to groups which can create

problems before elections that are due in May.

Secondly, the genuine reason is to reduce the replacement cost of currency notes, which do

not have a long shelf life; at best these last for four to five years, as compared to polymer notes, which

are practically permanent and not easily copied or made. Counterfeiting polymer currency note is just

not possible, as countries like Australia, the pioneer, has not reported any case so far. Besides,

replacement costs are nil.

The world treasuries are reported to be printing about 150 billion bank notes every year to

replace the old, worn out and torn notes, at an estimated cost of $10 billion, and it is not always

practical carry metallic coins, which are also in circulation, side by side, but for smaller

denominations. Technically, the reason for shorter life span of the paper currencynotes has been

attributed to human sebum, the oily, waxy substance secreted by the sebaceous glands that prevents

hair and skin from drying out! Two researches in the USNabin M Lawandy and Andrei Smuk of

Solaris Nanosciences Corporationfound out that the frequently handled currency notes become

grimy due to human sebum! When they carried out further studies, they came up with a supercritical

CO2 which acts both like a gas and a liquid commonly used for "cleaning" applications! This will take

further research and trials before it can become functional on a large scale!

Anyway, RBI has announced the procedures to be followed for replacement of

oldcurrencies (pre 2005) from 1st April onwards, till 30th June, simply by contacting the individual

bankers where one has the account.

After 1st July, there are no restrictions on lower values, where one has the account, but upto 10

notes of Rs500 and Rs1,000 denominations and exchange them for new notes. In case of other banks,

if one should carry more than 10 note of Rs500 and Rs1,000 denominations, they need to produce ID

and residence proof from 1st July onwards. In case of doubt, banks can be contacted for assistance.

The RBI has given the assurance that this move is not intended to or aimed at

demonetising the currency, and actually being done to replace the old (pre 2005) which were easily

counterfeit able. The new notes are more difficult to counterfeit according to RBI. Though the BJP

party called this move as "anti-poor" and as a gimmick of the finance ministry, stating that people who

have no bank accounts will be hard hit, RBI officials confirmed that this was done to protect the public

and that there is no need to panic because of the proposed introduction of new currency notes.

All said and done, and taking full face value of the reasons given by RBI for this new notes,

why not take this as the golden opportunity to introduce polymer currency notes of Rs500 and

Rs1,000 in a single dramatic move? Such move will kill several birds in one stone! Elections are

around the corner and fake currencies from across the border is bound to be flooded to cause havoc,

and this can be avoided by this single major move - or at least, reduced to a great extent!

http://www.financialexpress.com/news/withdrawal-syndrome/1223835

Withdrawal Syndrome

RBI bets on pre-2005, high-value currency notes' withdrawal to combat counterfeiting and the black

economy Updated: Feb 07 2014, 04:43 IST

Days after RBI first announced that currency notes of 500 and 1,000 denominations issued prior to

2005 would be withdrawn by the end of this fiscal, it has emerged that the plan was in the works since

May 2013 when the Finance Ministry wrote to the central bank asking it to withdraw older series of

banknotes in a time-bound mannerthis came after data revealed that as much as 70% of

discovered counterfeit currency consists of higher denomination notes of 500 and 1,000.

The currency issued after 2005 is safe for the moment, but in the event of the enhanced

security features also falling prey to counterfeiters, RBI and the government would step in once again.

Officials involved in the process say more action would be taken to phase out any note series based

on reviews and data regarding counterfeiting.
http://www.financialexpress.com/news/withdrawal-syndrome/1223835


The announcement was greeted with a bit of shock and some scepticism as to what it intended

to achieve. After all, the central bank said that all banknotes issued prior to 2005 would be withdrawn

from circulation after March 31 this year. From April 1 onwards, all banknotes would have to taken to

banks and exchanged for new notes issued after 2005. There was no data that was issued by RBI as to

the total value of the banknotes that were to be impacted by the move. The announcement is reported

to have led to a secondary market for discounted banknotes issued prior to 2005. Reports suggest

people have started approaching jewellers and real estate brokers to exchange large sums of pre-2005

cash.

It was perhaps this nervousness that led RBI to clarify the matter two days later when it said

that the rationale behind the move was to remove these banknotes from the market as they have

fewer security features compared to banknotes printed after 2005. The statement helpfully added

that the volume of the banknotes printed prior to 2005 today, still in circulation, is not significant

enough to impact the general public in a large way.

But given that the move had generated some adverse comment and disquiet in the political

class, including the BJP, RBI diluted the measure to some extent by announcing that the process of

exchanging notes at bank branches could be carried out at convenience. It also said that the old

series banknotes can be exchanged even after July 1, 2014 at the bank branches where people hold

accounts. However, if a person seeks to exchange more than 10 pieces of 500-rupee and 1,000-rupee

notes, at a branch where he or she does not have an account, providing proof of identity and residence

would be mandatory. Regardless of all of this, RBI reiterated that the notes printed prior to 2005 will

continue to be legal tender.

The timing of the move is interesting. It comes eight months after the Finance Ministry

demand and just a couple of weeks after BJP leader Nitin Gadkari invited some journalists to a

briefing by the Pune-based Artha Kranti organisation. Among some of their proposals is one to

withdraw all high denomination currency. This is not to suggest any sort of link or similarity between

RBI currency withdrawal and Artha Krantis radical proposals, including demonetisation, but simply a

pointer to the disquiet among all shades of political opinion over high denomination notes and their

link with black money.

However, a return of the High Denomination Bank Notes (Demonetisation) Act, 1978a law

that phased out notes of 1,000-, 5,000- and 10,000-rupee notesis not under any consideration

whatsoever. Higher denomination notes made a comeback in 1998, when the Finance Ministry argued

that reintroducing 1,000-rupee notes was necessary to meet the demand of high-value transactions.

Over the last five years, the central bank, in consultation with the Finance Ministry, has phased out

100-, 500- and 1,000-rupee notes issued in two particular years1996 and 2000. These banknotes

are part of the MG Series, whose security features had been successfully breached by counterfeiters

and led to a rash of nakli Gandhi as the street tends to call fakes with a picture of the Father of the

Nation.

The process for withdrawing 500-rupee notes from the MG Series was initiated in July 2008

and October 2009, while the withdrawal of 1,000-rupee notes happened in March 2011 and that of

100-rupee notes, in February 2012.

In July 2013, the Finance Ministry informed the Standing Committee of Parliament on

Finance headed by BJP leader and former finance minister Yashwant Sinha that since 2006 the level

of counterfeit currency in the banking system had been going up. For instance, an RBI inspection at

the Domariaganj (Uttar Pradesh) branch of the State Bank of India detected 76,108 pieces of

counterfeit notes valued at just over Rs 4 crore. What was shocking though is that this translated into

16% of the total number of notes screened in the currency chest of this one branch under question.

Such a high level of fakes set the alarm bells ringing across the establishment, especially as this was a

case of deliberate and large-scale replacement of currency held in a branch chest, and that too by the

bank cashier.

Intelligence agencies have reported that fake Indian currency notes smuggled into India

mostly originate from Pakistan, with the distribution network spread from Thailand in the east to the

UAE in the west. Dubai, Dhaka, Kathmandu, Colombo and Bangkok are the principle transit hubs.


Thailand has emerged as a safe haven for Pakistan based operatives and their associates in the fake

currency racket.

The author is a Delhi-based journalist Siddharth Zarabi

http://www.livemint.com/Politics/rKnaxb6LkqavHBqs5CRuTP/One-billion-plastic-notes-of-Rs10-denomination-later-this-ye.html

One billion plastic notes of Rs10 denomination later this year

The plastic notes will be introduced on a field trial basis in 5 cities Kochi, Mysore, Jaipur, Shimla and

Bhubaneswar PTI

New Delhi: One billion plastic notes of Rs10 denomination will be introduced on a field trial basis in

five cities in the second half of 2014, Parliament was informed on Friday.

One billion plastic notes of the denomination of Rs10 will be introduced in a field trial in five

cities selected for their geographical and climatic diversity. These cities are Kochi, Mysore, Jaipur,

Shimla and Bhubaneswar.

The field trial is expected to be launched in the latter half of 2014, minister of state for

finance Namo Narain Meena said in a written reply in Lok Sabha.

Plastic notes have an average life span of about 5 years and are difficult to imitate. Also,

currency notes made of plastic are cleaner than paper notes.

Plastic notes were first introduced in Australia to safeguard against counterfeiting of currency.

Several countries in the West have introduced plastic notes for its advantage over normal notes.

Replying to a separate question, Meena said about 3.33 lakh fake currency notes were seized

in 2013 with a face value of Rs17.64 crore. In 2012, 6.66 lakh fake notes were seized (face value of

Rs34.58 crore), 7 lakh (face value of Rs31.46 crore) in 2011 and 5.44 lakh (face value Rs23.86 crore)

in 2010.

The finance ministry, home ministry, RBI, security and intelligence agencies of central and

state governments as well as CBI are working in tandem to thwart the illegal activities related to fake

currencies.

He further said that the National Investigation Agency (NIA) has been empowered to

investigate and prosecute offences related to fake currency.

Meena said government has also formed Terror Funding and Fake Currency Cell in NIA to

focus on investigations and the legal system has been strengthened to declare smuggling and

circulation of high quality fake Indian paper currency, coin or any other material as a terrorist act.

http://www.indiatvnews.com/business/india/latest-news-rbi-extends-date-for-exchanging-pre-currency-n-10468.html

RBI Extends Date for Exchanging Pre-2005 Currency Notes to January 1, 2015

India TV Reporter [ Updated 03 Mar 2014, 23:39:56 ]

New Delhi : The Reserve Bank of India today extended the date for exchanging pre-2005 currency

notes till January 1, 2015.

The nine-month extension has been given to avoid any inconvenience to the general public.

The earlier deadline was March 31 this year.

An RBI press note today said: "Following its Press Release of January 24, 2014, the Reserve

Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015.

"It has also advised banks to facilitate the exchange of these notes for full value and without causing

any inconvenience whatsoever to the public.

"The Reserve Bank solicits the cooperation of the public in withdrawing these notes from

circulation by exchanging them at a bank branch convenient to them.

"This withdrawal exercise is in conformity with the standard international practice of not

having multiple series of notes in circulation at the same time.

"A majority of such notes have already been withdrawn through the banks and only a limited

number of notes remain with the public.

"The Reserve Bank clarifies that the public can continue to freely use these notes for any

transaction and can unhesitatingly receive these notes in payment, as all such notes continue to

remain legal tender.
http://www.livemint.com/Politics/rKnaxb6LkqavHBqs5CRuTP/One-billion-plastic-notes-of-Rs10-denomination-later-this-ye.htmlhttp://www.livemint.com/Search/Link/Author/PTIhttp://www.livemint.com/Search/Link/Keyword/Namo%20Narain%20Meenahttp://www.indiatvnews.com/business/india/latest-news-rbi-extends-date-for-exchanging-pre-currency-n-10468.html


"The Reserve Bank will continue to monitor and review the process so that the public is not

inconvenienced in any manner", the press release said.

http://articles.economictimes.indiatimes.com/2014-03-04/news/47894604_1_banknotes-500-notes-presses

RBI Says No Goof-up in Note Printing

PTI Mar 4, 2014, 07.31PM IST

NEW DELHI: Amid reports of goof-up in printing of notes, the Reserve Bank today said the new notes

bearing signature of former Governor D Subbarao are legal tender and the process of changing

signature is underway. Changing Governor's signature on the banknotes is a tedious

process, RBI said. "To complete the process in all the banknote presses for all denominations of

banknotes is a programme which is under way and is expected to be completed in due course," it

explained.

The explanation comes amid reports that new Rs 1,000 and Rs 500 notes bearing signature

of Subbarao, who has demited office in September 2013, are being rolled out from the printing

presses of RBI. "Currency note production is a manufacturing process. Making changes in the

process is a tedious process and takes time, in order to keep the disturbance in production to the

minimum extent," it said. At present, notes in India are issued in the denomination of Rs 5, Rs 10, Rs

20, Rs 50, Rs 100, Rs 500 and Rs 1,000.

RBI receives notes from four currency note printing presses. Two of the currency note printing

presses are owned by the Government of India and two are owned by the Reserve Bank, through its

wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd (BRBNML). The government

owned presses are at Nasik and Dewas. The other two presses are at Mysore and Salboni. Coins are

minted in four mints owned by the Government of India. The mints are located at Mumbai,

Hyderabad, Calcutta and Noida.

http://english.pravda.ru/russia/economics/10-04-2014/127325-russia_kazakhstan_belarus_new_currency-0/

Russia, Kazakhstan and Belarus to have New Joint Currency by 2025

10.04.2014

In May 2014, presidents of Russia, Kazakhstan and Belarus will sign an agreement on the

establishment of the Eurasian Economic Union. Sections 9 and 11 the agreement, the draft of which

is available on the official website of the Russian Ministry for Economic Development, are devoted to

the joint monetary policy and financial markets. During the first stage, it is planned to set up an

advisory board of the heads of central banks of participating states. The banks would be responsible

for the rate of national currencies, regulation of banking and insurance activities and the

harmonization of the securities market.

According to the Moskovsky Komsomolets newspaper that cited a source in the Eurasian

Economic Commission, the document stipulates for the establishment of the Eurasian Central Bank -

the supranational megaregulator of the joint currency. The Eurasian Central Bank will be subordinated

to the council of presidents or prime ministers of the EEU.

The name of the new joint currency has been supposedly coordinated - altyn. The new

currency is likely to be introduced not later than in 2025, although international economic sanctions

against Russia may cut the process to 3-5 years.

The idea of the new joint currency belongs to Kazakh President Nursultan Nazarbayev. In

2012, the idea found support with Vladimir Putin and Dmitry Medvedev. In Russia, altyn was the word

to refer to three-kopeck coins.

The President of Kazakhstan is a longtime champion of the introduction of a new

supranational reserve currency. He believes the dollar is an illegal and non-competitive means of

payment. Nazarbayev said earlier that the "world currency was not de jure legitimate because it was

never adopted by any communities or organizations." "There is no such international law," he said.

According to Nazarbayev, "the world currency market is not a civilized market, as the system

of world currency issuance is not being controlled." The Kazakh president believes that the world is
http://articles.economictimes.indiatimes.com/2014-03-04/news/47894604_1_banknotes-500-notes-presseshttp://economictimes.indiatimes.com/topic/D%20Subbaraohttp://economictimes.indiatimes.com/topic/RBIhttp://economictimes.indiatimes.com/topic/Government%20of%20Indiahttp://economictimes.indiatimes.com/topic/Bharatiya%20Reserve%20Bank%20Note%20Mudran%20Ltdhttp://english.pravda.ru/russia/economics/10-04-2014/127325-russia_kazakhstan_belarus_new_currency-0/


moving towards a new monetary system: from "defective capitalism" to "the new capitalism that would

be based on a non-defective currency - self-growing global wealth."

Altyn had been in circulation on the territory of several Russian principalities from the XV

century. The coins appeared simultaneously with the beginning of the era of coinage. Interestingly,

the altyn was used as a Eurasian currency immediately after it appeared. This coin was used in

calculations between Russian and Asians nationals. In the XVII century, 20 altyn could buy a live calf,

five - a piglet, two or three - a goose.

The name of the coin could be borrowed from the Golden Horde, where there was a coin of

the same name. According to researchers, the word "altyn" comes from the Turkic numeral "alti"

which means "six." Others believe that Russia simply adopted the Turkic word "gold" that sounds just

like the name of the coin. However, the altyn was never coined in gold. Originally, it was made of

copper; the silver altyn appeared during the times of Peter the Great.

In 1839, under Nicholas I, the altyn was revived in the form of copper coins of three kopecks. Three-

kopeck copper coins were used during the Soviet era, although the coins lost the original name. The

coins of this value disappeared after 1991.

http://zeenews.india.com/news/science/single-currency-notes-infested-with-over-3-000-types-of-bacteria_926488.html

Single Currency Notes Infested with over 3,000 Types of Bacteria

Last Updated: Tuesday, April 22, 2014, 22:08

Washington: Researchers at New York University's Dirty Money Project found that currency is a

medium of exchange for hundreds of different kinds of bacteria, as bank notes are passed on from

hand to hand.

By analyzing genetic material on 1 dollar bills, the NYU researchers identified 3,000 types of

bacteria in all-many times more than in previous studies that examined samples under a microscope,

Fox News reported.

Even so, they could identify only about 20 percent of the non-human DNA they found

because so many microorganisms haven't yet been cataloged in genetic data banks.

Easily the most abundant species they found is one that causes acne. Others were linked to

gastric ulcers, pneumonia, food poisoning and staph infections, the scientists said. Some carried

genes responsible for antibiotic resistance.

Jane Carlton, director of genome sequencing at NYU's Center for Genomics and Systems

Biology where the university-funded work was performed, said that they actually found that microbes

grow on money.

Their unpublished research offers a glimpse into the international problem of dirty money.

From rupees to euros, paper money is one of the most frequently passed items in the world.

Hygienists have long worried that it could become a source of contagion. ANI

http://economictimes.indiatimes.com/news/economy/finance/launch-of-rs-10-plastic-currency-notes-delayed/articleshow/34388287.cms

Launch of Rs 10 Plastic Currency Notes Delayed

By PTI | 30 Apr, 2014, 02.28AM IST

NEW DELHI: Reserve Bank's plan to put in circulation Rs 10 plastic currency notes on trial basis will

be delayed as the initial bids have failed to qualify the technical criteria and the whole process will

start again.

"The selected bidders failed in meeting the technical specifications of the plastic banknotes in

Rs 10 denomination that RBI is proposing to introduce on a trial basis, necessitating undertaking the

exercise afresh, thereby delaying the process," senior RBI functionary has said.

Government in February had informed Parliament that one billion plastic notes of the

denomination of Rs 10 will be introduced in a field trial in five cities selected for their geographical and

climatic diversity.

The selected cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
http://zeenews.india.com/news/science/single-currency-notes-infested-with-over-3-000-types-of-bacteria_926488.htmlhttp://economictimes.indiatimes.com/news/economy/finance/launch-of-rs-10-plastic-currency-notes-delayed/articleshow/34388287.cms


Minister of State for Finance Namo Narain Meena had informed the Lok Sabha that the field

trial is expected to be launched in the latter half of 2014.

Plastic notes have an average life span of about five years and are difficult to imitate. Also,

currency notes made of plastic are cleaner than paper notes.

Plastic notes were first introduced in Australia to safeguard against counterfeiting of currency.

Several countries in the West have introduced plastic notes for their advantage over normal notes.

The cost of currency production in India has been rising over the years.

As per the RBI, the expenditure was Rs 2,376 crore in 2010-11, Rsin 2012-13.

Also, the two note printing presses, BRBNMPL and SPMCIL, exhibit an increasing trend in

their overall expenses.

RBI also has incurred an expenditure of Rs 523 crore for acquisition, upgradation and

overhaul of its 59 CVPS machines and 28 SBS (Shredding and Briquetting system) machines

employed for destruction of soiled notes.

http://www.moneyfactorystore.gov/20142tripledeuceset.aspx

2014 $2 Triple Deuce Set

(First Day of Sale - May 13, 2014- 8:00 A.M. ET)

The Bureau of Engraving and Printing proudly presents the "2014 $2 Triple Deuce

Set." Limited to 3,000 sets worldwide, this set features a Series

2003A $2 note from the Federal Reserve Bank of Kansas City, a

Series 2009 $2 note from the Federal Reserve Bank of New York

and a Series 2009 $2 note from the Federal Reserve Bank of

San Francisco. Each note features matching serial numbers

beginning with 2014.

This set is attractively packaged in a four-panel presentation folder

with each note protected by a clear acid-free polymer sleeve.

Own a part of currency history by purchasing the "2014 $2 Triple

Deuce Set" during the pre-release period May 13 - 19, 2014.

There is a limit of five sets per household during the pre-release

period. After the pre-release period expires, household purchase

restrictions will be waived.

The "2014 $2 Triple Deuce Set" is $54.95. Bulk pricing is available, after the pre-release

period expires, at $49.95 for quantities of 25 or more sets.

Note: This product will ship beginning May 20, 2014

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=27741

Rare Proof $1,000 Set to Cross Block

By Peter Huntoon April 28, 2014

What is this elephant? Philip Weiss Auctions of Lynbrook, N.Y., landed a

proof of an Original Series $1,000 face. The wide margin proof is printed on

India paper mounted on card stock.

The image, a Chittenden-Spinner from The Fourth National Bank of

the City of New York, is flawless and complete.

The piece will be auctioned in May 2014. Needless to say this is a

stellar discovery of the first magnitude.

Proofs of otherwise non-collectible or virtually non-collectible type notes have come into their

own during the past few years as sophisticated high-power collectors have come to realize that issued

notes of certain types like this are unobtainable.

An excellent recent example is the sale of a $1,000 Series of 1891 Silver Certificate uniface

face proof that with the buyers premium brought $82,250 at the January 2013 Heritage Florida United

Numismatists auction. The only known extant copy of an 1891 $1,000 is Amon Carters former note,

that was just sold by Heritage at the April 2014 Central States show for $2,585,000.
http://www.moneyfactorystore.gov/20142tripledeuceset.aspxhttp://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=27741


The only hint that there may be a rival in private hands to the proof shown here comes in the

form of a photograph of the only other Original Series $1,000 proof that has been recorded. The

potential rival is another proof from the same plate pictured on p. 13 of Limperts 1955 second edition

of United States Paper Money, Old Series, 1861-1923. The lower right corner of that proof is chewed

away and there is an eraser-size hole between the capitol dome and the right border.

Limpert was pretty good about providing attributions for the photos in his book, including a

photo for a certified proof of a Series of 1875 $1,000 national credited to the Treasury Department.

However there is no governmental, institutional or collector attribution for the Original Series photo.

The current whereabouts of that proof is unknown.

So why are both extant proofs from The Fourth National Bank plate? The explanation

revolves around the fact that the first $1,000 Original Series face plate was prepared for The Fourth

National Bank of New York. It also was the first bank to be sent a shipment of $1,000s from the

Comptroller of the Currencys office, a shipment that went out on Nov. 30, 1864.

The officials at the National Bank Note Co. would have lifted proofs from the plate to send to

the Treasury for approval of the finished design.

The Fourth National Bank of the City of New York, charter 290, had the distinction of issuing

both $500 and $1,000 Original Series notes. They were printed from one-subject plates. The bank

was one of only five banks in the country to utilize a one-subject $1,000 plate.

The bankers received 1,016 of the $500s and 500 $1,000s. No Series of 1875 $500 or $1,000

notes were printed for the bank because stocks of the Original Series were sufficient to see it through

its first 20 years of its corporate life.

There is no legal distinction between Original Series and Series of 1875 notes. The difference

was who printed them. The Originals were printed by the bank note companies and the 1875s by the

Bureau of Engraving and Printing. When the Original Series were in production, the protocol was for

the bank note companies to send the incomplete sheets to the BEP for overprinting of the seals and

Treasury sheets serial numbers. Then the sheets were sent to the Comptroller of the Currency who

issued them to the banks.

A grand total of 7,454 Original Series and Series of 1875 $1,000 National Bank Notes was

delivered to 37 issuing banks in five states between Nov. 30, 1864 and July 30, 1884. Only 36 banks

received Original Series $1,000 nationals, totaling 5,818 pieces. It is no surprise that 17 of them were

in New York City.

The other 1,636 $1,000s were Series of 1875 issued to eight banks.

The term issued is a bit of a semantic reach when it comes to the $500 and $1000 nationals.

Those notes didnt circulate owing to their huge purchasing power. At best they were passed around

through clearing houses to settle big balances. No one was carrying them around in their wallets.

Most sat unused in the banks of issue.

One thousand dollars in 1864 money had the purchasing power of well in excess of $100,000

in todays dollars.

The Fourth National Bank of New York issued every Original Series denomination that was

available. The simple explanation for this is that the bankers did not have to pay for Original Series

plates, so they ordered a few of everything.

Besides, there was raw power on display if you had $500s and $1,000s, even if they didnt

reach the street. Your fellow bankers knew about them, just like trophy wives today, and those were

the people you were trying to impress.

The Fourth National Bank was no slacker. Its circulation was just under $3 million in the early

1870s when its circulation peaked. It took a lot of notes, no matter the denomination, to support that

number.

The accompanying graph illustrates the reality of the $1,000 nationals. Demand on the part of

the bankers for the notes peaked in 1866, less than three years after national bank currency

originated. There were 4,221 of them outstanding on Oct. 31 of that year.


The whole concept of National Bank Notes was still new then, but the high denomination

notes proved to be all but useless in commerce. Consequently the number outstanding contracted

drastically to a token one-fifth of the 1866 high by the end of 1871 and continued to decline.

No new plates with $1,000s were ordered between 1867 and late 1870. Of the four plates

with $1000 plates ordered thereafter, one was for The Kidder National Gold Bank of Boston. None of

Kidder notes ever got out of the bank.

Several banks that used the high denominations continued to receive them in periodic

shipments from the Comptroller long after 1866. However, a measure of the lack of their utility is

reflected in the fact that the entire $500 and $1,000 issuance for 25 banks was sent in a single initial

shipment. Those bankers never went back for more.

The last $1,000 was sent to The National Bank of Commerce, Boston, charter 554, on July

30, 1884, in a shipment of Series of 1875 500-1,000 sheets.

The demise of the $500 and $1,000 National Bank Notes occurred in 1885, the result of a

convergence of three factors. (1) Several of the issuing banks went out of business. (2) The two

surviving national gold bank users converted to regular national bank status under the provisions of

the Act of Feb. 14, 1880, and elected not to use high denominations thereafter. (3) The remaining

issuing banks were extended before 1886, and began receiving Series of 1882 Brown Backs.

However, no $500 or $1,000 notes were made in the 1882 series because those

denominations had been demonstrated to be useless.

In 1938, the last year records were kept, there were 21 $1,000s counted as outstanding by

the Treasury Department. One should have shown up by now.

Of all the possible unreported type notes, there is no question that a $1,000 national is the

most eagerly sought.

It appears that the closest we are ever going to come to seeing one is standing before you in

the form of this proof. I anticipate that it is going to be all knees and elbows when this baby crosses

the block.

People have queried me about what it will bring. How high is the sky? Do you think my crystal

ball is clearer than yours?

For auction information, go to www.weissauctions.com.

http://articles.economictimes.indiatimes.com/2014-05-01/news/49552122_1_100-denomination-banknotes-inset-letter-l-rupee-symbol

RBI to Issue Rs 100, Rs 50 Banknotes with 2014 Printing Year

PTI May 1, 2014, 07.51PM IST

NEW DELHI: The Reserve Bank will shortly issue Rs 100 and Rs 50 denomination banknotes of 2014

printing year with rupee symbol in the Mahatma Gandhi series-2005.

"The Reserve Bank will shortly issue Rs 100 denomination banknotes incorporating symbol

on the obverse and reverse, with inset letter L in both the numbering panels, in the Mahatma Gandhi

Series-2005 bearing signature of Raghuram G Rajan, Governor, RBI," the apex bank said in a

release.

Banknotes of Rs 50 denomination will be issued with similar features as of Rs 100 banknotes.

The year of printing '2014' would be printed on the reverse of the banknote, it said.

RBI said the design of these banknotes to be issued would be similar in all respects to Rs 100

and Rs 50 banknotes in the Mahatma Gandhi Series-2005 issued earlier.

"All the banknotes in the denomination of Rs 100...and Rs 50 issued by the bank in the past

will continue to be legal tender," RBI added.

http://www.financialexpress.com/news/raghuram-rajan-signed-rs-1000-banknotes-from-rbi-in-a-bank-near-you-shortly/1247679

Raghuram Rajan Signed Rs 1,000 Banknotes from RBI in a Bank

Near You Shortly

PTI | Mumbai | Updated: May 06 2014, 18:41 IST

Reserve Bank of India (RBI) will shortly issue banknotes of Rs 1,000 denomination in the Mahatma

Gandhi series-2005 bearing the signature of Governor Raghuram Rajan.
http://www.weissauctions.com/http://articles.economictimes.indiatimes.com/2014-05-01/news/49552122_1_100-denomination-banknotes-inset-letter-l-rupee-symbolhttp://economictimes.indiatimes.com/topic/banknoteshttp://economictimes.indiatimes.com/topic/rupeehttp://economictimes.indiatimes.com/topic/Mahatma%20Gandhihttp://economictimes.indiatimes.com/topic/RBIhttp://www.financialexpress.com/news/raghuram-rajan-signed-rs-1000-banknotes-from-rbi-in-a-bank-near-you-shortly/1247679http://www.financialexpress.com/columnist/ptindia/1


"The RBI will shortly issue Rs 1,000 denomination banknotes incorporating rupee symbol on

the obverse and reverse, with inset letter 'L' in both the numbering panels, in the Mahatma Gandhi

Series-2005 bearing the signature of Raghuram G Rajan, Governor," RBI said in a notification today.

The year of printing 2014 would be on the reverse of the banknote, it added.

Design of these notes to be issued now is similar in all respects to the Rs 1000 Banknotes in

Mahatma Gandhi Series-2005 issued earlier, RBI said.

"All the Banknotes in the denomination of Rs 1000 issued by the Bank in the past will

continue to be legal tender," the notification said.

http://www.jagranjosh.com/current-affairs/plastic-currency-notes-to-be-launched-in-2015-raghuram-ranjan-1400240045-1

Plastic Currency Notes to be Launched in 2015: Raghuram Rajan

16-MAY-2014

Raghuram Rajan, the Governor of the Reserve Bank of India (RBI) on 15 May 2014 announced that

plastic currency notes will be launched in 2015 after field trials. He said it after the Central Board of

Directors of the RBI Meet in Shimla, Himachal Pradesh.

Earlier in February 2013, Union Government had informed Parliament that it will introduce

one billion plastic currency notes in five cities in later half of 2014 on a pilot basis. The five selected

cities for pilot testing are Shimla, Kochi, Mysore, Jaipur, and Bhubaneswar.

The introduction of Plastic currency notes would help stop counterfeiting of Indian rupees as

they are difficult to imitate. Also, Plastic currency notes with an average life span of about five years

are cleaner than paper notes.

About Plastic Currency Notes

Modern plastic currency notes were first developed by the Reserve Bank of Australia (RBA), CSIRO

and The University of Melbourne to safeguard counterfeiting the currency.

They were first issued as currency in Australia in 1988. In 1996 Australia switched completely

to plastic currency notes.

Countries that have since switched completely to plastic currency notes include Brunei, New

Zealand, Papua New Guinea, Romania, Vietnam, Fiji, Mauritius (printed by De La Rue), Canada and

Israel.

http://www.kuna.net.kw/ArticleDetails.aspx?id=2378083&language=en

CBK to Launch New Banknotes in June

19/05/2014 | 06:11 PM

KUWAIT, May 19 (KUNA) -- The Central Bank of Kuwait (CBK) is set to launch the new sixth issue of

Kuwaiti banknotes as of June 29, CBK Governor Dr. Mohammad Al-Hashel announced here on

Monday.

"The new issue will be in circulation from June 29, 2014," Al-Hashel said at a celebration held

on the occasion in presence of senior officials of concerned state bodies and agencies.

The usage of the fifth banknotes shall run in parallel with the new banknotes until withdrawal

of current banknotes is completed, he added.

The new banknote issue reflects the CBK's sincere efforts to keep pace with the state-of-the-

art technology used in the industry of banknote-printing and improvement in the signs and security

specifications therefor, Al-Hashel pointed out.

The new sixth issue uses the Kuwaiti flag as an inspiring artistic base for all new banknotes to

illustrate and promote the national identity, he added.

Arguably the most familiar and iconic Kuwaiti landmark, the Kuwait Towers are illustrated on

the banknote's front as they soar mightily into the sky. The banknote's backside alludes to Kuwait's

marine life and the significance of preserving it such as the endangered hawksbill sea turtle and the

silver pomfret (Al Zubaidi), Kuwait's most popular fish.

The striking Liberation Tower, a massive 372-meter structure that is one of the main

landmarks in Kuwait City as well as one of the tallest buildings in the world, appears on the front side
http://www.jagranjosh.com/current-affairs/plastic-currency-notes-to-be-launched-in-2015-raghuram-ranjan-1400240045-1http://www.kuna.net.kw/ArticleDetails.aspx?id=2378083&language=en


of the banknote as a symbol of Kuwait's independence since its erection in 1996. The banknote's

backside portrays a traditional wooden Kuwaiti door, a plaster carving and the first Kuwaiti coin used

locally.

With its powerful pyramid steel structure, the Central Bank of Kuwait's newly constructed

building portrayed on the banknote's front side represents the Bank's objectives of ensuring

resilience, stability and a sound monetary policy.

The back of the banknote shows off one of Kuwait's oil refineries and a tanker as a testament

to Kuwait's precious source of prosperity.

A superb illustration of the Grand Mosque, the largest mosque in the country as well as a

symbol of Kuwait's Islamic identity, is portrayed on the banknote's front.

The backside of the banknote displays a real-life illustration of an iconic column, one of the

many influences of ancient Greece's civilization that swept across and settled in Kuwait's island of

Failaka.

On the front side of the banknote appears the illustrious Seif Palace, a symbol of sovereignty

and ruling power to all of Kuwait's erstwhile rulers where the country's affairs are administered.

The Boom, the largest and most popular traditional Kuwaiti dhow, is featured on the backside

of the banknote, an element that alludes to Kuwait's modernization as well as its rich economic and

commercial history that is linked to the deep blue seas. Another element included on the back is a

pearl diver, one of the earliest professions that enabled Kuwaitis to earn a living before the discovery

of oil.

The glorious Kuwait National Assembly Building, a symbolic pillar of Kuwait's democratic

constitution, is beautifully illustrated on the front side of the banknote. Kuwait's diverse desert life

takes over on the banknote's backside; a captivating illustration of a falcon oversees a seated camel

dressed regally in a traditional sadu saddle. (end) fnk.tb.mt

http://news.stv.tv/scotland/276199-clydesdale-bank-to-issue-polymer-bank-note-featuring-forth-bridge/

Plastic Banknote will Commemorate 125th Anniversary of Forth Bridge

STV 22 May 2014 12:14 BST

The first plastic banknotes to enter circulation in Great Britain will commemorate the

125th anniversary of the Forth Bridge.

Clydesdale Bank unveiled the first fully polymer 5 note on Thursday, which will

be introduced in March next year.

The bank will issue two million of the limited production notes through their branches.

The design combines images of the bridges structure with the use of modern technology to

create a striking and complex design.

It will also commemorate the Forth Bridge's inclusion in the Unesco's world heritage list in

2014.

They will be introduced in Scotland ahead of England, where the Bank of England plans to

issue them for the first time in 2016.

Debbie Crosbie, executive director at Clydesdale Bank, said: Clydesdale Bank is very proud to

commemorate the Forth Bridge on our new 5 note. The structure is renowned across the world as an

incredible feat of engineering so it was a fitting choice for a ground-breaking new banknote.

We continue to lead the way in banknote development, and following the successful

introduction of a new series of notes with Depth Image holograms in 2009 we are now at the

forefront in polymer currency.

"The Forth Bridges super structure certainly lends itself to the intricate processes of banknote

printing, combining security, durability and an aesthetically striking design.

The new 5 note, which is smaller than the existing currency, has been

designed by De La Rue plc and in a first for Europe, has been manufactured on

its innovative Safeguard polymer substrate.

Polymer notes are proven to be more durable than existing currency

and while no decision has been made by the bank regarding the introduction of polymer notes
http://news.stv.tv/scotland/276199-clydesdale-bank-to-issue-polymer-bank-note-featuring-forth-bridge/


generally, many banks are considering the introduction of polymer rather than using the traditional

cotton based substrate.

The commemorative banknote also a portrait of Sir William Arrol, one of Scotlands most

celebrated engineers.

His company, Sir William Arrol and Co, constructed the Forth Bridge and was also

responsible for a number of other famous structures including the giant cantilever Titan Crane in

Clydebank, which also features on the new note.

Alistair Carmichael, secretary of state for Scotland, said: As this new note becomes part of

everyday life in villages, towns, cities and communities across the country, it will serve as a fitting

tribute to the vision of Sir William Arrol and all the people who have contributed to the building,

maintenance and restoration of the Bridge in its 124 year history.

Fiona Hyslop, cabinet secretary for culture and external affairs, welcomed the launch of the

banknote. She said: Today we are celebrating two eras of Scotlands innovation and foresight. The

introduction of this innovative new banknote featuring the iconic Forth Bridge as a symbol of

Scotlands engineering heritage and ingenuity is very welcome.

We are immensely proud of the Forth Bridge and its nomination for inclusion in Unescos

World Heritage List. The launch of this banknote is such a fitting way to mark this nomination and Sir

William Arrols work and I applaud the Clydesdale Bank for this gesture.

http://blogs.rollcall.com/technocrat/hundreds-of-thousands-of-currency-readers-in-the-pipeline-for-the-blind/?dcz=

Thousands of Currency Readers in the Pipeline for the Blind

By Anne L. KimPosted at 4:31 p.m. on June 11

While a $1 bill means something entirely different than a $100 bill, they might not feel too different to

the visually impaired. The government is ready to do something about that challenge, though.

The Bureau of Engraving and Printing expects to distribute between 100,000 and 500,000 currency

readers to the blind and others who are visually impaired, says Larry R. Felix, director of the bureau

in written testimony for a House Financial Services Committee hearing today.

In a report last year, the Government Accountability Office described the gizmos as portable

electronic devices capable of speaking the denomination of a bill out loud.

The effort is part of a response by the Treasury Department to a court ruling several years

ago that directed the department to provide the blind and visually impaired with meaningful access to

currency.

We plan to launch a pilot program this summer and roll the program out nationally in 2015.

The project plan is under joint development and will be operated by the BEP an the LOC/NLS, Felix

said in his statement. LOC/NLS is the Library of Congress service for the blind and physically

handicapped.

Corrected July 15, 12:53 p.m.

A previous version of this post incorrectly described the statement from Larry R. Felix, director of the

Bureau of Engraving and Printing, as it relates to the offices involvement with the readers.

http://www.somalicurrent.com/2014/06/14/somalia-plans-to-print-new-money/

Somalia Plans to Print New Money Jun 14, 2014 | By Somalicurrent

According to the ministry of finance plans are underway to produce a new Somali shilling.

Minister of Finance Hussein Abdi Halane has said the strategy to produce the new currency is

meant to revive the collapse of the Somali shilling that was resulted by the more than two decades of

the civil war in the country.

We have decided to produce the current Somali shilling as we work on the implementation of

new Somali currency which will take time, he said.

Mr. Hussein added that his ministry is currently involved in the plans to revolutionize the

Somali currency after which it will present to the parliament for debate.

He also said they have involved the World Bank and international monitory fund IMF to help in

the process so as to achieve the goals.
http://blogs.rollcall.com/technocrat/hundreds-of-thousands-of-currency-readers-in-the-pipeline-for-the-blind/?dczhttp://blogs.rollcall.com/technocrat/author/alkimcq-com/http://financialservices.house.gov/uploadedfiles/hhrg-113-ba19-wstate-lfelix-20140611.pdfhttp://www.gao.gov/products/D04870#mt=e-reporthttp://www.moneyfactory.gov/uscurrency/meaningfulaccess.htmlhttp://www.loc.gov/nls/http://www.loc.gov/nls/http://www.somalicurrent.com/2014/06/14/somalia-plans-to-print-new-money/http://www.somalicurrent.com/author/kahiye/


Somali shilling which is still widely used in the country is one of the most affected and inflated

currency in the world after Zimbabwean dollar.

http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/207230/reftab/36/Default.aspx

New Kuwaiti Banknotes Out Today; Fifth Issue Still Valid All Denominations Available Through

Banks, ATMs

KUWAIT CITY, June 28, (KUNA): The Central Bank of Kuwait has final

swamy's scrap's on banknote 2014

Documents

banknote printing

banknote counterfeiting

banknote production

scraps of news items

narayanan krishnaswamy

compilation of news

narayanan krishnaswamy

new launches of banknotes