Rediffmail Money rediffGURUS BusinessEmail

Rs 1,000 and Rs 500 notes to sport new design

June 23, 2010 19:12 IST
By A Correspondent

Even though there is no news from either the central government or the Reserve Bank of India on the rupee symbol, a competition for which was initiated in 2009, the Union Cabinet is mulling a change in the rupee design printed on Indian currencies.

Slated to be introduced in 2012, the new design will reflect on high-denomination currency notes -- like the Rs 1,000 and Rs 500 notes, which will have biometric security features currently.

The government is introducing the change keeping two issues in mind. One, international security considerations necessitates that India too conforms to this norm, as most developed countries have already adopted it.

Secondly, these security features will help India to tackle the menace of counterfeit notes.

A detailed Cabinet note from the Department of Economic Affairs would to be discussed and the changes will take place once approved.

A Correspondent in New Delhi

More News Coverage

Reserve Bank of IndiaDepartment of Economic AffairsUnion Cabinet

RELATED STORIES

WEB STORIES

Discover India's 8 Cutest, Smallest Airports

Dip Dip Hooray! 9 Totally Scoopable Dip Recipes

14 Must-Eat Nolen Gur Mishtis Before You Die

VIDEOS