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Wednesday 21 December 2016

Here's How Much It Costs The RBI To Print New 500 And 2,000 Rupee Notes

Here's How Much It Costs The RBI To Print New 500 And 2,000 Rupee Notes:

A new Rs 500 note costs Rs 3.09 to print, while the magenta 2,000 rupee note costs Rs 3.54, the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), which prints currency notes, has said.
BRBNMPL, a wholly owned subsidiary of the Reserve Bank of India or RBI, said in its reply to an Right to Information (RTI) query that it charges the central bank Rs 3,090 for printing 1,000 notes of Rs 500, the same as it did for the old Rs 500 note that was abolished alongwith 1000 rupee notes last month.
For the Rs 2,000 denomination, RBI shells out Rs 3,540 for 1,000 pieces, the same rate as that for the demonetised Rs 1,000 note.
The central bank on Monday said it is issuing a new batch of Rs 500 notes in the Mahatma Gandhi (New) series with the inset letter 'R' in both the number panels.

13) Rupee vs dollar in 1947

The 'fact' that had been floating around that the rupee was equal to a US dollar in 1947 is but a myth.
At the time of independence (and till 1966), India’s currency was pegged to British pound, (and the exchange rate was Rs 13.33 to the pound). The pound itself was pegged to $4.03.
That means, the $ to INR rate would be somewhere around Rs 4.
Prime Minister Narendra Modi had announced the ban on 500 and 1000 rupee notes on November 8 in a move aimed at eliminating money laundering and black or untaxed money.
It wiped out 86 per cent of the money in circulation worth Rs 15.44 lakh crore. The government has so far replaced about 6 lakh crore in new currency.

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