Tonga Introduces New Series of Banknotes into Circulation

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The National Reserve Bank of Tonga (NRBT) unveils new series of banknotes featuring Polymer substrates and enhanced security features. On December 4, the National Reserve Bank of Tonga (NRBT) marked a significant milestone with the launch of Tonga's new series of banknotes. The chosen date for the release holds special significance as it commemorates the birthday of King Tupou I, a key modernizer who reigned from 1845 to 1893. Produced in collaboration with De La Rue, the new banknote series incorporates both paper and polymer substrates, introducing updated security elements to enhance durability and deter counterfeiting. This redesign represents Tonga's first use of polymer in its currency since 2015. The series comprises 2-, 5-, 10-, 20-, 50-, and 100-pa’anga notes, with the colors remaining unchanged. Notably, the 5- and 10-pa’anga denominations have transitioned to polymer due to its proven durability, particularly for extensively circulated notes. With one pa’anga being e...
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₹2000 Banknotes to be Phased Out in 5 Days!

The Reserve Bank of India (RBI) has issued an order to withdraw the highest denomination banknote, the 2,000-rupee note, on May 19, 2023. This move comes almost seven years after its introduction in November 2016 to remonetize the economy, following Prime Minister Narendra Modi's sudden decision to invalidate 1,000 and 500 rupee notes as legal tender overnight, as part of an anti-corruption initiative. Despite the majority of the 3.56 trillion rupees being deposited, approximately 7 percent of these notes were still in circulation as of September 1, 2023, amounting to ₹24,087 crore ($2.9 billion).

The pink-hued 2,000-rupee note quickly became a popular choice for storing value and conducting significant cash transactions. In its withdrawal notice, the RBI explained that the 2,000-rupee banknotes had served their intended purpose and were no longer in widespread circulation. The central bank also referenced its 'clean note policy,' which mandates the replacement of worn or soiled notes within a period of four to five years. The announcement in May contributed to a temporary boost in India's economy, with reports of crowded jewelry shops selling gold at a premium.

However, it's important to note that the ₹2000 banknotes will remain legal tender even after September 30, 2023. Nevertheless, they will not be accepted for regular transactions but can only be exchanged directly with the RBI, with the holder required to provide a valid reason for missing the general exchange deadline.

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