Since demonitization there has been a lot of buzz among everyone in India as to what should be their next course of action, how they can benefit from demonitization of currency or at least how they can minimize the loss to their personal assets after demonitization.
First of all, understand that this entire time we have been wrongly calling all exchange notes as “Currency notes”, however, in reality the notes that we use are not called the currency notes, they are actually a “Promissory note”.
The basic definition of a promissory note is “a signed document containing a written promise to pay specified amount to a specified person or the bearer at a specified date or on demand“. Promissory notes are issued by Reserve Bank of India and guaranteed by Government of India. Every promissory note contains a line stating that I promise to pay the amount specified on that promissory note to the bearer of that document with the signature of governor of Reserve Bank of India. This promise is basically made by the governor of RBI to every bearer that in case any one refuses to accept that note, RBI will pay him that sum of money. Moreover, a guarantee given by Central Government to its citizen to have faith in the national currency. Now when Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes will no longer be a legal tender from midnight November 8, 2016, he actually meant that the government is withdrawing its guarantee over their promissory notes.
Now coming back to our original topic after the small introduction about the promissory notes issued by RBI. The new Promissory notes worth INR 2000 that are issued these days can actually not be trusted. As long as I can remember, I have always seen a uniformity in the Promissory notes that are issued by RBI. However, few days back I came across a tweet which read that the person obtained the INR 2000 notes from the same bank on two consecutive days and they was no uniformity among them except for the color. You can have a look by yourself.
— Demonetized-डॉन™ (@DonMufflerMan) November 13, 2016
After reading this tweet I was actually surprised and shocked by the fact that Can I really trust the new notes or some other day Mr. Modi will announce that the bearers of promissory notes with unique number, ranging from this to this, please exchange your notes again as there was some problem with the uniformity among them. However, we really appreciate the step of demonitization taken by Modi Government to end corruption and bring back all the black money to economy.