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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Monday said 97.96 % of the <keyword id="6429211" type="General" weightage="20" keywordseo="rs-2" source="Orion">Rs 2</keyword>,000 denomination <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. <br /><br />The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. <br /><br />"Thus, 97.96 % of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country till October 7, 2023. <br /><br />The facility for the exchange of the Rs 2,000 banknotes has been available at the 19 issue offices of the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> since May 19, 2023. From October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. <br /><br />Further, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts. The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. <br /><br />Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 banknotes. However, even after their discontinuation, Rs 2,000 notes continue to remain legal tender. <br /><br />Per the apex bank's last update, which came out on August 1st, 2024, Rs 2,000 banknotes had declined to Rs 7409 crore at the close of business on July 31, 2024. Thus, by last month, 97.92% of the Rs 2,000 banknotes which were in circulation as on May 19, 2023, had been returned.

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over.<br /><br />This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday.<br /><br />The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote.<br /><br />The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI.<br /><br />Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.<br /><br />People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India.<br /><br />The Rs 2000 banknotes continue to be legal tender.<br /><br />The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.<br /><br />The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a></b><br />

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

<ul class="summary-list"><li>China recently fined several businesses, including a KFC, for refusing to accept cash.</li><li>These are some of the most established companies in China, showing just how quickly cash has fallen from favor there.</li></ul><p>China's central bank fined seven businesses last week — including a KFC and branches of state-owned corporations — for rejecting cash payments, all as Beijing pushes to make spending more accessible for foreign tourists.</p><p>The People's Bank of China has meted out such punishments for years. But the <a target="_blank" href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5349613/index.html">employees caught this time</a> worked for some of the country's largest and most established businesses, showing how cashless payments have grown so ubiquitous there.</p><p>The bank said it fined a KFC in Wuxi, Jiangsu, about $4,140 for refusing to take cash from a customer who ordered breakfast.</p><p>The employee responsible was fined about $410. According to the <a target="_blank" href="https://www.wuxi.gov.cn/doc/2023/06/21/3993298.shtml">latest government data</a>, the average wage in Wuxi is about $18,000 annually.</p><p>Other fined businesses include branches for state-run conglomerates such as an Inner Mongolia branch of China Post, an office in Gansu for New China Life Insurance, and a Jiangsu office for insurance firm PICC Property and Casualty.</p><p>China has mandated that local businesses leave the door open for cash payments as it tries to attract foreign investment and tourism after the pandemic.</p><p>People in the country already relied heavily on cashless and QR code payments before the pandemic, and the practice accelerated in popularity during the country's lockdown years. By the end of 2023, 86% of all payments in China were made through mobile phones, <a target="_blank" href="https://english.news.cn/20240301/d2a6c41ee2af41968025224a9507c541/c.html#:~:text=After%20years%20of%20rapid%20growth,first%2Dtime%20visitors%20to%20China.">per state media.</a></p><p>That's become an issue for outsiders arriving in a newly reopened China, where they struggled <a target="_blank" href="https://www.scmp.com/economy/china-economy/article/3251523/china-travel-cashless-society-shift-hits-foreign-tourists-who-really-want-open-wallets-and-spend">to find vendors </a>who would accept cash or even credit cards.</p><p>Hungry for foreign business, China has <a target="_blank" href="https://news.cgtn.com/news/2024-03-22/China-further-boosts-ease-of-payment-for-foreigners-1sbh7CsHZxC/p.html#:~:text=Among%20recent%20measures%2C%20the%20People's,overseas%20travelers%20using%20mobile%20payments.">rushed to bridge the gap</a>. Major payment platforms Alipay and WePay started allowing visitors to link their international bank cards to their Chinese accounts. Single-transaction limits for foreigners were also raised from $1,000 to $5,000.</p><p>This year, Beijing has been telling businesses such as <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-09/china-tells-mid-to-high-end-hotels-to-accept-foreign-bank-cards?leadSource=reddit_wall">three-star hotels</a> and cab companies to start accepting international credit cards.</p><p>The wider transition has so far been slow — a taxi company in Shanghai, for example, announced in April that it would arrange for <a target="_blank" href="https://www.shine.cn/news/metro/2404132242/">50 taxis to accept foreign credit cards</a>. Travel companies say there are over <a target="_blank" href="https://www.travelchinaguide.com/cityguides/shanghai/transportation/taxi.htm">50,000 licensed taxis in the city.</a></p><p>Tourism is a major source of revenue for China, with state-affiliated researchers predicting the sector will bring in about <a target="_blank" href="https://www.globaltimes.cn/page/202312/1303989.shtml">$800 billion in 2024.</a></p><p>But international arrivals have been lagging. Only about <a target="_blank" href="https://www.bbc.com/news/world-asia-china-68982645">35 million foreign visitors</a> traveled to China in 2023, or around 30% of pre-pandemic levels.</p><p>China's cashless wave has also prompted concerns for the elderly, with a central bank survey finding that <a target="_blank" href="http://www.news.cn/fortune/20240308/666176e15deb43859b351fabb0a5b084/c.html">75% of the country's seniors still use banknotes.</a></p><p>It's <a target="_blank" href="https://www.chinadaily.com.cn/a/202311/01/WS65419443a31090682a5ebc34.html">illegal in China to reject cash for purchases</a>, and the central government's crackdown has intensified in the last several years. Regulators have been <a target="_blank" href="http://www.xinhuanet.com/english/2021-01/21/c_139687310.htm">fining companies</a> such as car dealerships that refuse cash, while state media promotes the paper bill as the "most basic instrument of payment."</p><p>Investor relations for Yum China, which operates KFC in China, did not immediately respond to a request for comment sent by Business Insider.</p>

It's so tough to pay cash in China that the government had to fine a KFC for not accepting banknotes

<ul class="summary-list"><li>De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday.</li><li>The company said in a stock exchange filing that demand for banknotes is at a 20-year low.</li></ul><p>With demand plunging to a two-decade low, printing money isn't as lucrative as it used to be.</p><p>De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday, flagging a lower demand for cash. </p><p>"The demand for banknotes has been at the lowest levels for over 20 years, resulting in a low order book going into FY24," the 210-year-old company said in a <a href="https://polaris.brighterir.com/public/de_la_rue/news/rns/story/rm44l9r" target="_blank" rel="noopener">Wednesday filing</a> to the London Stock Exchange. De La Rue prints banknotes and supplies raw materials for physical cash across 140 countries, including the UK, Thailand, and Qatar.</p><p>The company now expects its full-year adjusted operating profit for the 2024 fiscal year to be around low-£20 million, or $25 million, half of its previous unadjusted estimates of £40.1 million, according to Refinitv data seen by Insider.</p><p>"The challenge at the moment is that there simply isn't quite the demand there to be where we want to be, which is disappointing," Clive Vacher, the CEO of De La Rue, told <a href="https://www.reuters.com/world/uk/uks-de-la-rue-plc-expects-profit-below-market-expectations-2023-04-12/" target="_blank" rel="noopener">Reuters</a> on Wednesday.</p><p>Central banks snapped up banknotes during the pandemic, but they are now working through the stockpile before acquiring new stocks, De La Rue said in <a href="https://2752422.fs1.hubspotusercontent-na1.net/hubfs/2752422/Half%20year%20results%202022/DLR%20H1%2023%20final-LB55Y5G3.pdf" target="_blank" rel="noopener">November 2022.</a> Demand for banknotes has also been depressed due to government finances being squeezed by inflation, the cost-of-living crisis, and access to foreign exchange in some cases.</p><p>It doesn't help that the modern banknote — much of which is made from polymer — lasts much longer than paper banknotes. <a href="https://www.bankofengland.co.uk/explainers/why-are-new-banknotes-made-of-polymer" target="_blank" rel="noopener">The Bank of England</a> estimates its polymer banknotes made by De La Rue last for at least two-and-a-half times longer than paper.</p><p>De La Rue said Wednesday it is discussing with banks about amending lending terms that will take into account the company's revised outlook and higher interest rates.</p><p>The company's profit warning on Wednesday sent De La Rue's share prices plunging nearly 20% to £40.50 apiece on the same day. Share prices are down 1.5% at £39.90 at 9.19 a.m. London time on Thursday. The stock is trading nearly 50% lower so far this year. </p><p>On the upside, De La Rue expects revenues from its authentication division to exceed £100 million for the first time in the coming fiscal year. This is in part driven by demand for Australian passports, for which De La Rue is a supplier, according to the Wednesday filing. </p><p>The company's fortunes are well chronicled with its Wednesday profit warning the third since January 2022. It was already closing production lines and cutting jobs as demand for cash slowed in <a href="https://www.businessinsider.com/de-la-rue-the-worlds-biggest-banknote-supplier-is-cutting-production-by-25-2015-12">2015</a> due to the rise of mobile internet-based payments.</p><p>De La Rue did not immediately respond to Insider's request for comment.</p>

The world's largest banknote printer says printing money isn't that profitable anymore

New Delhi, Mar 16 () The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes.<p> "No indent was placed with the presses for printing of Rs 2,000 denomination notes for 2019-20. However, there is no decision to discontinue the printing of Rs 2,000 banknotes," Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha.</p><p> The minister was replying to a question whether the government has stopped printing of new Rs 2,000 currency notes and if the public sector banks have issued any circular to stop circulation of Rs 2,000 notes through ATMs.</p><p> "In view of the higher circulation of currency notes of Rs 500 and Rs 200 denominations and inconvenience faced by the customers in exchanging Rs 2,000 currency notes, two of the public sector banks namely State Bank of India and Indian Bank have been issued instructions to the field functionaries to reconfigure the ATMs for currency notes of Rs 500 and Rs 200 denominations," Thakur said.</p><p> He said printing of banknotes of particular denomination is decided by the government in consultation with the Reserve Bank of India (RBI) to maintain desired denomination mix for facilitating demand of public.</p><p> Banknotes of Rs 2,000 denomination worth Rs 7.40 lakh crore have been printed and supplied so far, he said. The total face value of banknotes of Rs 2,000 denomination in circulation and in currency chests was Rs 5.49 lakh crore and Rs 0.93 lakh crore, respectively.</p><p> Detailing about the denomination of lower-value currencies in circulation as on March 5, he stated that there are 19,624.77 million pieces of Rs 100 notes valued at Rs 1.96 lakh crore; 8,556.84 million for Rs 50 notes valued at Rs 42,784.20 crore; Rs 20 and Rs 10 denomination notes were valued at Rs 16,619.60 crore and Rs 30,510.79 crore, respectively.</p><p> "The quantum of banknotes that needs to be printed broadly depends on the requirement for meeting the demand for banknotes due to inflation, GDP (gross domestic product) growth, replacement of soiled banknotes and reserve stock requirement," Thakur said.</p><p> As on March 5, 67,002.24 million pieces of banknotes of 10, 20, 20 and 100 rupees denominations and 5,005.98 million pieces of coins of 10 rupee denomination were in circulation, the minister added.</p> "Printing of banknotes of particular denomination is decided by the government in consultation with the RBI to maintain desired denomination mix for facilitating transactional demand for public," he added.   KPM HRS

No decision to discontinue printing of Rs 2,000 banknotes: MoS Finance Thakur

<br /><ul><li><strong><keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword> told reporters yesterday that the Modi administration implemented its demonetisation initiative in November 2016 in a “flawed” manner.<br /></strong></li><li><strong>This marks a reversal of his stance a few years ago, when he lauded the Modi government on the reform right after it was announced.<br /></strong></li><li><strong>At the end of 2017, Rajinikanth said that he was starting a political party to contest elections for the State Assembly in <keyword id="20154" type="LOCATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>.<br /></strong></li><li><strong>While not much progress seems to be made on this front over the course of 2018, a big announcement is expected for the end of the year. </strong></li></ul>To his legion of swarming fans, Tamil film superstar Rajinikanth is something of a god. But to India’s central government, the 67-year old actor and aspiring political leader might be more of a bugbear. <br /><br />At a press conference in Chennai yesterday, Rajinikanth remarked that the Modi administration implemented its demonetisation initiative in November 2016 in a <a href="https://www.business-standard.com/article/pti-stories/rajini-accuses-centre-of-flawed-implementation-of-note-ban-118111201660_1.html">“flawed”</a> manner, according to the Press Trust of India. He added that the initiative should have been implemented only after “detailed research” on its implications had been carried out.<br /><br />This marks a reversal of <a href="https://twitter.com/rajinikanth/status/796040786965991424?lang=en">his stance</a> a few years ago, when he lauded the Modi government on the reform right after it was announced.<br /><br />In addition, when asked about the possibility of a mega-alliance of opposition parties against the ruling BJP in next year’s general elections, the actor remarked that if regional parties believed that the party was “dangerous”, then it probably was. <br /><br />A number of South Indian politicians have criticised the demonetisation reform. Last week, M K Stalin, the head of Tamil Nadu’s DMK party, called the <keyword id="6355611" type="UNKNOWN" weightage="20" keywordseo="note-ban">note ban</keyword> a <a href="https://twitter.com/mkstalin/status/1060412326707322880?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1060412326707322880&amp;ref_url=https%3A%2F%2Fwww.ndtv.com%2Ftamil-nadu-news%2Fmk-stalin-notes-ban-demonetisation-demonetization-is-one-man-made-disaster-for-india-1944590">“man-made disaster for India”</a>.<br /><br />Rajinikanth’s disapproval of the ruling party of <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Amit Shah could be a calculated ploy to gain more supporters as he prepares the launch of his own political party. <br /><br />With their history of leftist politics, the southern states of India are widely seen to be an Achilles heel for the right-wing BJP. In the 2014 general elections, the saffron party won only <a href="https://timesofindia.indiatimes.com/india/bjp-looking-at-alliance-route-to-boost-its-prospects-in-south-india/articleshow/65661570.cms">a handful </a>of seats from the states of Telangana and Andhra Pradesh with zero from Kerala. <br /><br />At the end of 2017, Rajinikanth announced that he was <a href="https://www.thehindu.com/news/national/tamil-nadu/live-updates-actor-rajinikanths-political-announcement/article22337334.ece">starting a political party </a>to contest elections for the State Assembly in Tamil Nadu. <br /><br />While not much progress seems to be made on this front over the course of 2018, one of his compatriots, AC Shanmugam, the head of small political outfit the New Justice Party, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/rajinikanths-political-party-likely-by-year-end/articleshow/65939643.cms">told Economic Times</a> in September that an announcement in this regard was slated for the end of the year. In October, media outlets speculated that the party would be launched on <a href="https://www.thehindu.com/news/national/tamil-nadu/rajinikanth-may-launch-party-on-december-12/article25242761.ece">12 December</a>, the actor’s birthday.<br />

One of India’s biggest film stars, Rajinikanth, has reversed his stance on demonetisation as he prepares to launch his own political party

<strong><br /></strong><ul><li><strong><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), released its <keyword id="3608734" type="UNKNOWN" weightage="20" keywordseo="Annual-report">annual report</keyword> for 2017-18 on Thursday. </strong></li><li><strong>Both negative and positive, the report says that <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword> will have to precariously balance itself to brace for the coming year. <br /></strong></li><li><strong>The report also highlights how, despite the Indian government's objectives, the goals laid by the Prime Minister are far from their intended targets.</strong></li></ul>India’s central banking institution, the Reserve Bank of India (RBI), just released its <a href="https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/0ANREPORT201718077745EC9A874DB38C991F580ED14242.PDF">annual report</a> for the year 2017-2018, bringing some key issues of the Indian economy into the limelight. <br /><br />On the one hand, the report states that the Indian economy is set to unlock its growth potential through the intensification of structural reforms but on the other, the threat of inflation and non-performing assets (NPAs) still looms overhead.<br /><br />And, though the RBI predicts strong growth for India’s secondary and primary sectors, it also speculates that the country will face challenges in the banking industry and from volatility in international markets.<br /><br />The good with the bad, these are some of the key observations put forward by the RBI in their report.<br /><br /><strong>The curious case of India’s current account deficit<br /></strong><br />Domestic consumption hasn’t lost its step with India maintaining its stature as the preferred destination for foreign direct investments (FDIs). As per the report, it’s the manufacturing sector supported by its counterparts that have made this possible. <br /><br />Domestic consumption, in turn, is a result of an increase in capital expenditure as well the push towards exports. Foreign capital is largely flowing into communication and computer services, retail and wholesale trade, as well as financial services.<br /><br />Mauritius and Singapore take the lead in FDIs with combined equity investments of around 61%. <br /><br /><strong>Turmoil in international waters<br /></strong><br />The sanctions placed by the United States on Iran won’t only impact India’s imports but the overall international supply of oil. That in turn, won’t play out well for India’s trade deficit primarily because of India’s increasing energy demands.<br /><br />A potential increase in India’s current account deficit opens the doors for inflation risks to throw shade on the Indian economy. The RBI has stressed on the importance of heading off these pressures before they generalise into adverse trends.<br /><br /><strong>The counting of demonetised notes is complete<br /></strong><br />Last year’s report told us that 99% of the banned currency notes had found their way back to the banks, and this year that’s up by 0.3%, which isn’t really all that significant. While the RBI’s efforts to process and verify specified bank notes should be commended, one has to ask whether the effort was all for nought. <br /><br />Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s initiative to catch black money only seems to have led to an extreme cash shortage that steamrolled into sluggish economic growth, a loss for businesses and over a million people losing their jobs. The informal economy, in particular, is still suffering from its after-effects. <br /><br /><strong>To fake or not to fake<br /></strong><br />The new currency notes despite the numerous so-called ‘úpgrades’ are still vulnerable to being counterfeit, just like the old currency notes. And, it’s not just the bigger denominations of ₹500 and ₹2,000, but also the ₹50 note. <br /><br />The only difference is that the overall number of <keyword id="6364565" type="UNKNOWN" weightage="20" keywordseo="fake-notes">fake notes</keyword> that are in circulation has taken a dip. <br /><br /><strong>Return of the cash economy<br /></strong><br />While demonetisation and the resulting short supply of cash did lead to an increase in digital cash payments, the return of liquidity in the economy shows people coming back to the comfort of cash. <br /><br />In fact, if RBI’s estimates are to be taken at face value, the liquid currency kept at home has increased to 2.8% of the total gross national disposable income (GNDI), which is the highest it’s been in seven years. Even savings are at a seven-year high of 11.1%.<br /><br />That being said, it’s not that the Indian population has reverted from digital payments altogether. Non-cash transactions are still increasing, just a rate slower than last year’s and that is indicative of the fact that despite all the new online payment platforms, cash is still the preferred method of exchange.<br /><br /><strong>Banking drama<br /></strong><br />With the number of bank frauds that have come into the limelight this past year, it’s hardly surprising that the RBI speculates that bad loans is going to increase even further in the coming year. <br /><br />According to the report, the ‘prevailing economic situation’ is a combination of mark-to-market treasury losses and the increase of provisioning against non-performing assets (NPAs). Which basically means that the banks didn’t make much of a profit on their investments in the stock market and have had to set aside an increasing amount of money to hedge against bad loans.<br /><br />That being said, the overall flow of financial resources from the banking sector to the commercial sector has shown an increase, with the former accounting for 43% of all fund flows to the latter. That means that there's scope for credit absorption. But that will only be efficiently done if the problem of NPAs is appropriately addressed and banks are sufficiently re-capitalised after facing large losses.<br />

RBI’s annual report paints a cloudy picture of what’s next for the Indian economy

<ul><li><strong>On July 19th, the Reserve Bank of India said it would issue a new 100-rupee note.<br /></strong></li><li><strong>Five new <keyword id="6724555" type="UNKNOWN" weightage="20" keywordseo="banknotes">banknotes</keyword> have been introduced since demonetisation- 10 rupees, 50 rupees, 200 rupees, 500 rupees and 2000 rupees.<br /></strong></li><li><strong>However, the new 100-rupee note will be relatively more expensive to introduce because its size is different from the original note. Hence, banks will need to modify their ATMs. <br /></strong></li></ul><br />Change is said to be the only constant, and in the aftermath of <keyword id="3315394" type="PERSON" weightage="20" keywordseo="demonetisation">demonetisation</keyword> the phrase rings true in more ways than one. Five new banknotes have been introduced since November 8th, 2016 - 10 rupees, 50 rupees, 200 rupees (which didn’t have an earlier version), 500 rupees and 2000 rupees - an unprecedented amount. And on July 19th, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) announced the introduction of a new lavender-coloured 100-rupee note.<br /><br />Introducing a new note to the economy doesn’t come cheap. The RBI’s printing expenses more than doubled to <a href="https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/9XIRESERVE47414B77E45D404DA06971A2FB722A71.PDF">₹79.65 billion</a> in 2016-17, from ₹34.21 billion in 2015-16, owing to the cost of remonetisation. <br /><br />A <a href="https://www.hindustantimes.com/business-news/what-does-it-cost-to-print-the-new-rs-500-rs-2000-and-other-currency-notes/story-d7wlemIT1sbtibLjPzwhEM.html">filing</a> under the Right to Information Act in December 2016 revealed that it cost the government ₹3.54 for printing each new 2000-rupee note and ₹3.09 for printing each new 500-rupee note. In comparison, the older 500-rupee and 1000-rupee notes, which the 2000-rupee note was meant to replace, cost ₹2.50 and ₹3.17 apiece to print. <br /><br />The printing of 2000-rupee notes was suspended last year given the note’s unpopularity. The government made a push towards promoting lower value notes instead, starting with the introduction of the 200-rupee note. <br /><strong><br />An additional cost for the 100-rupee note</strong><br /><br />Barring printing expenses, there are a number of other costs to introducing new notes. ATMs need to be restocked, new notes need to be transferred to the government’s issue offices and <keyword id="6378917" type="UNKNOWN" weightage="20" keywordseo="currency">currency</keyword> chests and banks need to update their note processing systems. <br /><br />However, the introduction of the new 100-rupee note is expected to be more expensive than other notes, relative to their original versions, owing to its size. The dimensions of the note (66mm x 142mm) are different from the original 100-rupee note as well as the 200-rupee note. <br /><br />This will lead to an additional cost - the cost of recalibrating ATMs to adjust to the note’s specifications. This is expected to cost a cumulative total of ₹1 billion alone. However, this expense will not be borne by the government, but by the country’s banks and ATM operators.<br /><br />The banks already had to modify their ATMs in January 2018 when the 200-rupee note was released.This happened despite their insistence on waiting till the new 100-rupee note was introduced. Now, six months later, they will have to adjust their ATM spacing systems again. <br /><br />The recalibration process involves the installation of spacing systems to separate the notes. These systems are programmed in accordance with the size of each note. A note with completely new dimensions requires an adjustment to these spacers.<br /><br />The new 100-rupee note won’t be the last note to be introduced by the current government. The RBI is reported to be in the process of developing a new 1000-rupee note. Once it is introduced and the short-term adjustment to the new note concludes, Indian banks and ATM operators will finally be able to rest easy for a while.<br /><br />

India's new ₹100 note will be relatively more expensive to introduce than the others

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) announced it will soon issue <keyword id="531803" type="UNKNOWN" weightage="20" keywordseo="New-Rs-10-notes">new Rs 10 notes</keyword> that will have enhanced security features.<br />
<br />
In a circular, the RBI said the <a href="http://www.businessinsider.in/searchresult.cms?query=banknotes&amp;sortorder=effectivedate">banknotes </a>in the Mahatma Gandhi series-2005 are to carry inset letter 'L' on both number panels, bearing the signature of Governor Urjit Patel.<br />
<br />
The year of printing, 2017, will be on the reverse of the note. Among other features, numerals on both the panels will be in ascending size from left to right.<br />
<br /> "All the <keyword id="6724555" type="UNKNOWN" weightage="20" keywordseo="banknotes">banknotes</keyword> in the denomination of Rs 10 issued by the Bank in the past will continue to be legal tender," the central bank said in a notification.

RBI to issue new Rs 10 notes soon; to have more security features

<p>The Central Bank of Russia is issuing <a href="http://cbr.ru/Press/?PrtId=event&amp;id=93&amp;PrintVersion=Y">new commemorative 100 rouble bank notes, </a>which converts to less than £1, that feature the federal cities of Sevastopol and the Republic of Crimea.</p><p>Here they are:</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Central Bank of Russia</span></p></div><p></p></div></div></p><p>Russia confirmed that on one side of the note it shows a Crimean landmark - the "Swallow's Nest" castle - while on the other side it shows"scuttled ships in Sevastopol Bay."</p><p>Nearly two years ago, the Ukrainian peninsula of Crimea was controversially "reunified" with Russia by way of well equipped, organised, and trained "<a href="http://www.businessinsider.com/photos-of-russians-in-crimea-2014-3" target="_blank">self-defense units</a>," who were actually Russian special forces.</p><p>The operation to seize Crimea began on February 27, 2014, when an unidentified task force captured several government buildings including the parliament in Simferopol. Within a month, Putin signed a <a href="http://www.businessinsider.com/live-putin-speaks-about-crimea-2014-3" target="_blank">treaty to annex Crimea</a> and has since then turned the peninsula into a Russian <a href="http://www.businessinsider.com/russia-turning-crimea-into-forward-operating-base-2015-3" target="_blank">forward operating base</a>.</p><p>However, many Western nations still do not recognise the annexation of Crimea because of Russia's military involvement. Russia, of course, deny any military involvement at all.</p><p>In March this year, Russian President Vladimir Putin acknowledged that the mountain of criticism and economic sanctions placed on his country for the illegal annexation of Crimea were creating difficulty for Russia.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/buying-power-dollar-over-60-years-groceries-2015-12">How the buying power of your dollar has changed over the past 60 years</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Zka3R5cDqzjmfG8P8X7sTSfdEbK7ZTFv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Russia is issuing new banknotes with Crimea on them

Small shops, kirana stores and even paanwalas are thinking of going digital and may soon swipe your cards at their shops.<br />
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In the backdrop of de-monetisation, these merchants want to minimise their dependency on cash payments from the customers.<br />
<br />
The point of sale (POS) manufacturing companies saw a surge in demand from this segment of merchants in the past two days.<br />
<br />
"The number of transactions over the last two days on our POS terminals has doubled. We have received more than a thousand requests overnight for the installation of new terminals. Requests have come from doctors, apparel sellers, wedding planners etc,” Lokhvir Kapoor, CEO of Pine Labs, which manufactures POS terminals, told ET.<br />
<br />
Kapoor said a section of small and medium sized merchants and professionals who were resisting the switch over to digital payments, are now queuing up to make the switch and install more POS terminals.

Your kirana store may soon swipe cards, thanks to de-monetisation

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The Venezuelan government pulled its&#xa0;100-bolivar bank note out of service to combat smuggling and food shortages.<p>The government gave a 72-hour warning on Sunday.</p><p>"There has been a scam and smuggling of the one hundred bills on the border with Colombia. We have tried the diplomatic way to deal with this problem with Colombia's government; there are huge mafias," President Nicolas Maduro said on state television, <a href="https://www.bloomberg.com/news/articles/2016-12-11/venezuela-orders-largest-bills-turned-in-ahead-of-new-bank-notes">according to a Bloomberg News report.</a></p><p><span>"I have given the orders to close all land, maritime and air possibilities so those bills taken out can't be returned and they're stuck with their fraud abroad," Maduro said, <a href="http://www.bbc.co.uk/news/world-latin-america-38284485">according to the BBC.</a></span></p><p><span>The country is experiencing a deep economic crisis. Despite being the biggest note in Venezuelan circulation, the 100-bolivar note has lost most of its value and is now worth about $0.02.</span></p><p><span>Venezuela's opposition leader tweeted criticism of Maduro, calling his government "inept."</span></p><p><span><div></div></span></p><p>Estimates by economists at the International Monetary Fund put Venezuela's inflation rate at around 2,000%. The last official inflation rate published by the government last year had the figure at 160%.</p><p>Venezuela is wracked by food shortages and crime and shop owners <a href="http://www.bbc.co.uk/news/business-38201575">have taken to weighing money rather than counting it.</a></p><p>Last week the Venezuelan central bank said it would issue six new notes, ranging up to 20,000 bolivars, in an effort to make&#xa0;"the payments system more efficient," the BBC cited the bank as saying.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/att-ceo-randall-stephenson-donald-trump-positive-development-industry-fcc-time-warner-ignition-merger-2016-12">AT&amp;T CEO: Trump is a 'positive development' for our industry</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5ydmgzODE6tvMYeZ8gp6GMmPVTkf-l5T" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Venezuela is banning its biggest banknote amid smuggling and 2000% inflation

<p><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div>Amid </span><span style="line-height: 1.5em;">Greece's approval from the European Commission on its </span><a href="http://europa.eu/rapid/press-release_STATEMENT-15-4488_en.htm">proposed reform measures to extend its bailout program</a>, the ECB released <a href="http://www.new-euro-banknotes.eu/Euro-Banknotes/Security-features/FEEL/THE-NEW-20" target="_blank">new </a><span style="line-height: 1.5em;"><a href="http://www.new-euro-banknotes.eu/Euro-Banknotes/Security-features/FEEL/THE-NEW-20" target="_blank">banknotes</a> named after the Greek mythology figure "Europa" - which the continent is obviously named after.</span></p><p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div><p></p></div></div>In a <a href="https://www.ecb.europa.eu/press/pr/activities/bc/html/index.en.html" target="_blank">speech on Tuesday</a>, ECB President Mario Draghi said, "The inclusion of the mythological figure Europa, who gave her name to our continent, shows how Europe draws on its shared history."</span></p><p>Ironically, the mythical story of Europa is as scandalous as the sovereign European debt crisis.</p><p>As the <a href="http://www.thenewfederalist.eu/Europa-and-the-bull-The-significance-of-the-myth-in-modern-Europe" target="_parent">tale goes</a>, <span style="line-height: 1.5em;">Europa was a </span><span style="line-height: 1.5em;">Phoenician woman who was unwillingly abducted, sexually abused, and impregnated by Zeus who disguised himself as a bull.</span><span style="line-height: 1.5em;"> </span></p><p><span style="line-height: 1.5em;">While Europa does not function as an official <span>symbol of the EU, modern Europe still references the story near its government buildings. </span></span></p><h3>Here is a better look at the new banknotes which will enter into circulation in November:</h3><p><span style="line-height: 1.5em;"><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></span></span></p><p><span style="line-height: 1.5em;"><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></span></span></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p><h3> As an added security feature, a hologram of Europa appears on a silvery stripe on the right of the bill.</h3><p><span style="line-height: 1.5em;"><span><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><br /></span></span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "banknotes" and got 13 results

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

PTI

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

ANI

It's so tough to pay cash in China that the government had to fine a KFC for not accepting banknotes

Matthew Loh

The world's largest banknote printer says printing money isn't that profitable anymore

Huileng Tan

No decision to discontinue printing of Rs 2,000 banknotes: MoS Finance Thakur

PTI

One of India’s biggest film stars, Rajinikanth, has reversed his stance on demonetisation as he prepares to launch his own political party

Dilsher Dhillon

RBI’s annual report paints a cloudy picture of what’s next for the Indian economy

Prabhjote Gill

India's new ₹100 note will be relatively more expensive to introduce than the others

RBI to issue new Rs 10 notes soon; to have more security features

BI India Bureau

Russia is issuing new banknotes with Crimea on them

Lianna Brinded

Your kirana store may soon swipe cards, thanks to de-monetisation

BI India Bureau

Venezuela is banning its biggest banknote amid smuggling and 2000% inflation

Ben Moshinsky

The new euro banknotes feature a disturbing Greek myth

Amanda Macias

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