GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
UNSTARRED QUESTION NO.2223
TO BE ANSWERED ON THE 23rd AUGUST 2011/ 1 BHADRAPAD, 1933 (SAKA)
Makeover of Currency Notes
2223. SHRI RAJEEV CHANDRASEKHAR:
Will the minister of FINANCE be pleased to state:
(a) Whether its is a fact that Government is planning to initiate a makeover exercise for the Indian currency notes;
(b) If so, the details thereof and the reasons therefore;
(c) Whether a Committee has been appointed by Government to give a go–ahead to the Reserve Bank of India (RB) for approving a new design for currency notes;
(d) If so, the composition of the Committee;
(e) To what extent this move is expected to help in checking the fake currency problem;
(f) Whether such an exercise was also undertaken earlier to recall a set of currency notes; and
(g) If so, the details along with the results thereof?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI NAMA NARAIN MEENA)
(a) & (b): the review of security features in currency notes is a continuous exercise, which is undertaken from time to time in consultation with all stakeholders.
(c) & (d): No, Sir. However, Government of India had concurred the proposal of RBI to constitute a Committee for designing “Future Currency Note.” Accordingly, the high Level Steering Committee has been constituted by RBI under the Chairmanship of Executive Director, RBI with the following representations:
(e) : All initiatives undertaken by the Government from time to time are with a view to make counterfeiting difficult.
To (g): As per the withdrawal plan of RBI, phasing out of ` 500 denomination banknotes (MG Series 1996 and 2000 series) has been initiated with effect from July 2008 and October 2009 respectively. Further, phasing out of `1000 denomination banknotes (MG 2000 series) has been initiated with effect from March, 2011