RBI to issue rupee 200 note on Friday

200

After the official announcement of  ₹ 50 note in the Mahatma Gandhi (New) Series on August 18, 2017, the Reserve Bank Of India (RBI) officially announced the introduction of  ₹ 200 note in bright yellow colour in the Mahatma Gandhi (New) Series on August 25, 2107. Both the notes bear the signature of Governor Urjit R. Patel. The base color of ₹ 200 note is bright yellow while that of ₹ 50 note is fluorescent blue.

The note has geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. The dimension of the new banknote will be 66 mm × 146 mm. For visually impaired it has an intaglio of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised Identification mark H with micro-text Rs 200, four angular bleed lines with two circles in between the lines both on the right and left sides.

The Obsereve and Reverse of the note will be depicting:

Observe:

  1. See through register with denominational numeral 200
  2. Latent image with denominational numeral 200
  3. Denominational numeral २०० in Devnagari
  4. Portrait of Mahatma Gandhi at the centre
  5. Micro letters ‘RBI’, ‘भारत’, ‘India’ and ‘200’
  6.  Windowed security thread with inscriptions ‘भारत’ and RBI with colour shift. Colour of the thread changes from green to blue when the note is tilted
  7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait
  8. Denominational numeral with Rupee Symbol, Rs 200 in colour changing ink (green to blue) on bottom right
  9. Ashoka Pillar emblem on the right
  10. Mahatma Gandhi portrait and electrotype (200) watermarks
  11. Number panel with numerals growing from small to big on the top left side and bottom right side.

Reverse:

  1. Year of printing of the note on the left
  2. Swachh Bharat logo with slogan
  3. Language panel
  4. Motif of Sanchi Stupa
  5. Denominational numeral २०० in Devnagari

Both the notes are expected to be in circulation soon and the images had already gone viral on the internet before it’s official announcement. The collectors are even found bidding openly on the new note so to have their hands on the note before rest of the public. Happiness can be be seen on the face of the collectors because they have now new beauties to add them to their collection. It is expected that by December ₹ 20 note will added to Mahatma Gandhi (New) Series.

Bank Note of the Year Award 2016

Swiss National Bank has been awarded the “Bank Note of the Year Award” for 2016 for it’s 50 Franc banknote, issued on April 12, 2016 voted by the members of the International Bank Note Society (IBNS). The green 50 franc note has the theme of ‘wind’ and shows a dandelion releasing seeds on one side and a paraglider in the mountains on the other.

Over 120 banknotes were released worldwide of which half of them were of new designs and features in year 2016 which were eligible for nomination.

The three runners-up were  Maldive Islands 1000 Rufiyaa tortoise/whale shark, Argentina’s 500 Peso jaguar, and the Royal Bank of Scotland’s 5 Pound first polymer note.

The other nominated banknotes were:

  • Maldives 1,000 Rufiyaa Note
  • Switzerland’s 50 Franc Note
  • Scotland’s 5 Pound Note (Royal Bank of Scotland)
  • New Zealand’s 50 Dollar Note
  • England’s 5 Pound Note
  • Georgia’s 50 Lari Note
  • Belarus’ 100 Ruble Note
  • Sweden’s 100 Kronor Note
  • Australia’s 5 Dollar Note
  • Argentina’s 500 Peso Note
  • India’s 2,000 Rupee Note
  • Colombia’s 50,000 Pesos note
  • Seychelles 500 Rupee note
  • Saudi Arabia’s 500 Riyal note
  • Bahamas 10 Dollar note
  • Ukraine’s 500 Hrivna Note
  • Macedonia’s 2,000 Denar Note
  • Bahrain’s 20 Bahraini Dinar Note
  • Scotland’s 5 Pound Note
    (Bank of Scotland)

Banknotes

A banknote is a negotiable promissory note issued by a bank and payable to the bearer on demand. The amount payable is stated on the face of the note. Banknotes are considered legal tender, and, along with coins, make up the bearer forms of all modern money.

Banknotes are called by several names such as commemorative notes, real notes which are legal tenders and fantasy banknotes.

Legal tender notes are the banknotes issued by the government as a legal form of payment. Formally,  it is anything which when offered in payment extinguishes the debt.

The commemorative banknotes are the banknotes issued to commemorate some occasion. These banknotes are expected to be printed on either polymer or a composite substrate or high quality paper to distinguish it from regular issue legal tender notes.

Fantasy Banknotes are tend to be created for countries or regions where banknotes are not issued. These notes are not meant for circulation and are neither legal tenders.

Fantasy and commemorative banknotes is another area of collecting that has good number of collectors worldwide.

MMM Banknotes Result of the biggest ponzi scheme ever

mmmsetr

In 1990s, when the communist rule was over in Russia and the economy was trembling and people were looking for a ray of hope in capitalism, which was also failing them, Sergei Mavrodi had some plans. Sergei, along with his brother Vyacheslav Mavrodi, and friend Olga Melnikova created a pyramid corporation named MMM (the name came from the initials of three founders) in 1989. The purpose of MMM in the beginning was probably not to cheat people but be a genuine corporation in the business of importing electronics goods in Russia and selling them. What inspired Sergei to cheat millions of people is still unknown.

The pyramid scheme started taking shape in early 1994 when the company announced that it will be offering a much better interest rate to its investors as compared to public and private banks in Russia. Initially, they convinced a few people to invest small amount in the company. And their money got doubled in a very short period of time. The returns on the investment were made in days’ time. The news of the corporation and its generosity spread like a wildfire through the word of mouth. Russians were already confused about how to save their money or attain economic stability amidst the economic turmoil plaguing the country. A lot of people decided to invest money in MMM to see it get doubled or tripled. Along with the popularity through word of mouth, MMM started running ad campaigns in Russia’s leading newspapers and on state television. Soon, each and every Russian knew what MMM was and what they do.

With lucrative interest rates and returns, nobody bothered to ask how MMM was making profit. In reality, they were not. They were just taking money from one investor and giving it to the investors who invested earlier. The only people getting rich with this scheme were Mavrodi and his family.

Soon, the shares of the company hit the skies. By July 1994, an estimated 5 to 10 million people had invested in MMM. The rate of interest at that time was 10% a week. But this mammoth growth of the corporation in such a short period of time rang alarms with the government and in the month of July, the finance ministry released a statement asking people not to invest in companies like MMM who does not offer any insurance on the money invested. Meanwhile, the shares of the company rose from 1600 Rubles in February to 115,000 Rubles in the month of July. That’s when Mavrodi came up with the idea of “biletov” or “Mavrodki”, or as referred in the modern day world, “MMM banknotes.” Mavrodi started offering part shares to the investors in form of biletovs where 1 biletov was equal to 870 Rubles and 100 biletovs constituted 1 share of MMM.

There were three series of biletovs printed, all bearing the image of Mavrodi in the front and with the text “MMMBILETOV” repeated in Russian. The first series of biletov consisted of 7 denominations, 1, 10, 20, 50, 100, 500 and 1000. The second series consisted of 4 denominations viz., 1, 100, 1000 and 100000 biletov. And the third series also consisted of 4 denominations of 10, 50, 500 and 1000 biletov. Biletovs were designed in the shape of banknotes. The paper used in some of the denominations was similar to that of normal banknotes while the paper used in some was cheap. Some of the higher denomination banknotes also had a few security features. Since the stocks of MMM were not listed on any exchange market and the company used to decide the price of its shares, the value of biletovs used to be flexible all the time.

In mid 1994, biletovs became an unofficial currency in Russia and people used to even transact using biletovs. Some of the 500 biletovs notes from the last series contained a stamp saying “Not convertible to cash” in Russian. Even though no hard evidence exists, it’s believed by many that Russian government either asked MMM to put this stamp on the bond or they did it themselves so that people cannot use them as a mode of transaction and hoarde them in the form of black money. At that time, 500 biletovs were equal to 475,000 Rubles.

In August of 1994, Mavrodi, who was the sixth richest man in Russia at that time, was arrested by the government for tax evasion. MMM shareholders, many of who were people with power, wrote petition to Russian prime minister to release Mavrodi so that he can compensate the people of Russia whom he defrauded. He was subsequently released, but the amount of money refunded was meagre as compared to the amount lost. MMM owed an estimated 100 billion to 3 trillion Rubles to approximately 5 to 10 million people of Russia. No official data of the exact number of people and the exact amount of money owed exists. The Russian court could only fine him for 100 million Rubles.

Biletovs are still fairly common in numismatics market as Russian who were defrauded decided to keep the bonds in the hope of getting their money back in the future. But nothing was returned to them. In the aftermath, at least 50 of the investors in MMM corporation committed suicide. After this scandal, Russia stock market became stricter with more regulation on any joint stock companies but the harm was already done.