Indian Rupee: A New Update Is Here! 500 rupees in your pocket might be phony; the RBI has provided a new method for spotting fraudulent notes

 Indian Rupee: A New Update Is Here! 500 rupees in your pocket might be phony; the RBI has provided a new method for spotting fraudulent notes

Indian Currency Update: The RBI has provided the greatest method for spotting false notes, even if the majority of us do not know that many of the notes in circulation today are phony. Inform me

The Supreme Court's decision today pertains to the government's plan to remove counterfeit currencies from the market via demonetisation. All 58 of the petitions contesting the central government's decision to implement demonetisation have been rejected by the court. The national government's 2016 decision to demonetise the Rs. 500 and Rs. 1,000 notes was maintained by the highest court.

What was said by the court?

According to the Supreme Court, the RBI and the Center conferred prior to demonetisation. We maintain that the notion of proportionality had no bearing on demonetisation. That is, the administration deliberated before making this choice rather than doing so to demonstrate its authority.

A five-judge constitutional panel led by Justice Abdul Nazeer heard arguments from the government and petitioners for five days before deferring to a decision on December 7. Let us inform you that the nation was abruptly demonetized on November 8, 2016, by the national government. This resulted in the removal of the 500 and 1000 rupee notes from circulation. Following this move, there were lengthy lines around the nation to exchange notes.

These are the methods for spotting phony notes

the rationale for the government's demonetisation policy. He was not entirely successful in that endeavor. In the market, counterfeit notes are still in circulation. It becomes crucial in this case to acknowledge them as fellow citizens. Guidelines for identifying the new 500 note have been released by the Reserve Bank.

Let me explain. A few days ago, there was a claim made in a message that the ₹ 500 note was phony since the green stripe was located next to Gandhiji's portrait rather than the RBI governor's signature. PIB tweeted that it was phony but that both kinds of notes were legitimate.

The Reserve Bank of India Governor's signature may be seen on banknotes featuring the image of Mahatma Gandhi. The note's reverse has a crimson fort picture that illustrates the nation's rich cultural legacy. Stone Grey is the default color of the HTE Note. The note also has more geometric patterns and styles.