The Treasury Department is on a mission to make our bills more visible. To do this, we have started implementing the ‘Yellow Money’ project in India. The ‘Yellow Money’ project refers to the implementation of new security features in legal tender banknotes that will render them less useful for criminals and counterfeiters. These new security features are being implemented in different denominations of currency across all banks, thus eliminating the use of high-value notes as cash. This should make it much harder for criminals to use large denomination notes for illicit activities and purchase goods and services from illegitimate sources. Although most Indians don’t have access to cashless payment options such as debit cards or digital wallets, making it inconvenient for people who would prefer to pay with lower value notes instead. Even though we’re still working towards this goal, the government has already taken some important steps in this direction.
Introduction to the Yellow Money Project
As of 7th October 2018, more than 15,000 currency note production presses across the country had started printing various banknotes. This project aims to replace the existing stock of currency notes by the end of 2018. A new design for all banknotes in India has been finalised, approved and is being printed. The new design for all banknotes in India has a number of new features that make them difficult to use for illicit activities like counterfeiting and terrorism. These features are invisible to the naked eye and only under close scrutiny with the help of special devices, can be seen by the naked eye and can be used to track the currency. The new design is already in circulation. The old banknotes will cease to be legal tender from midnight on 1st November 2018. This means that all transactions done with the old banknotes will become void once the clock strikes 12 midnight.
Why is the Government Implementing a Yellow Money Project?
There are several reasons for the government to undertake a Yellow Money project. A large portion of Indian economy is still done in cash and people prefer to use lower denominations of currency as cash. This reduces the risk of them being used for illicit activities such as terrorism, tax evasion, and illegal trade of goods and services. The government aims to make it inconvenient for people to use higher denomination notes, so that more of them choose to use lower denomination notes. This will increase the usage of lower value notes and reduce the demand for high value notes, which are used for high-end purchases, such as property, hotels, and automobiles. This, in turn, will reduce their overall supply in the market and hence, will make it difficult for counterfeiters to produce high value notes.
What Are the New Security Features Incorporated in Currency?
The new security features that have been incorporated in the new design of Yellow Money currency notes are as follows. – New colour – The new colour of the note makes it difficult to use for counterfeiting. – New watermark – A new pattern of a geometric design is printed on the note, which is visible only under ultraviolet light. – New holographic pattern – A new three-dimensional security pattern is printed on the lower portion of the note. – New intaglio printing – A new printing technique is used on the note which causes the paper to engrave etc. This makes it difficult for the note to be reproduced using any kind of printing machine. –
How will these Security Features Prevent misuse of Currency?
These security features prevent misuse of Yellow Money currency by criminals and counterfeiters in the following ways. – Uranium yellow colour – The new colour of the note makes it difficult to copy. – Hidden imagery – The geometric design printed on the note is replaced by a new pattern of a geometric design which only shows under ultraviolet light. – Intaglio printing – The note is printed on a special paper that causes the paper to engrave, making it difficult for the note to be reproduced using any kind of printing machine. –
Currency notes to Cease use from Midnight on 1st November 2018
The government has decided to demonetise the existing currency notes of Rs 500 and Rs 1000 denominations with effect from midnight on 1st November 2018. As we have already started printing the new currency notes, the existing currency notes of these denominations will cease to be legal tender from midnight on 1st November 2018. People who fail to exchange their old currency notes before this date will be committing a criminal offense under the Indian Penal Code.
Conclusion
Criminals find it extremely difficult to use large denominations of currency because of the increased risk of getting caught. The new design of currency notes, with the help of security features, makes it difficult for criminals to forge the notes. The new design of currency notes is already in circulation and will cease to be legal tender from midnight on 1st November 2018. The Indian government is committed to making our economy digitally and cashless, while also taking care of the needs of people who prefer to transact in cash. This Yellow Money Project is a small step in this direction.
ALSO READ: What Are Unblocked Games WTF?
