New notes come late to ATMS

NEW ₹100 NOTESTHE

Reserve Bank of India on Thursday said it would shortly issue new ₹100 denomination banknotes in the Mahatma Gandhi (New) Series. It further said all banknotes in the denomination of ₹100 issued by the Reserve Bank in the earlier series will continue to be legal tender.

As usual, with the introduction of a new design of banknote, printing and supply of these notes for distribution to public through the banking channel will gradually increase. Since demonetisation on November 8, 2016, this is the fifth new denomination notes to be issued after ₹2,000, ₹500, ₹200 and ₹50.

DELAY AT ATMS

Usually, the new notes are issued at bank branches or RBI offices. You will not get the notes immediately from your automated teller machines (ATM). Why does it happen? To provide new notes, the ATM manufacturers have to recalibrate the machines. Currently, India has over 2 lakh ATMS. An ATM usually has 4 cassettes. Each cassette will be equipped to dispense a particular denomination of notes. For any cassette to dispense notes, it has to be reconfigured so that the particular size of note can be dispensed. To be able to reconfigure, the ATMS will have to first get the notes. Then it has to be changed to the required size .

THE NEW LOOK

The base colour of the note is lavender. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. Dimension of the banknote will be 66 mmx142 mm. In case of the old note, the dimension is 73mmx157mm. The front of the currency will include a latent image with denominational numeral 100, portrait of Mahatma Gandhi at the centre, guarantee clause, the Governor’s signature and RBI emblem towards right of Mahatma Gandhi portrait, Ashoka Pillar emblem and Mahatma Gandhi portrait and electrotype (100) watermarks.

WHY THE NEW VERSION?

The new version is likely to have more features to enable easier merchant to merchant transactions. There are expectations that the limit on UPI will be

increased and features for recurring transactions will be included. As of now,

UPI transactions are free

for users.