Demonetised Rs1,000, Rs500 notes find takers on auction site online | mumbai news | Hindustan Times
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Demonetised Rs1,000, Rs500 notes find takers on auction site online

After demonetisation, the Centre passed an ordinance, banning any individual from keeping more than 10 scrapped notes.

mumbai Updated: Nov 10, 2017 01:21 IST
Yesha Kotak

A year after Rs500 and Rs1,000 bank notes were declared invalid tender, the notes are selling on ebay.in at prices ranging from Rs301-Rs 21,999.

The price of the note is determined by how unique it is, marked by factors like the serial number of the note and the year it was printed.

A Rs1,000 note being sold for Rs21,999 was printed in 2013, and has the signature of the former Reserve Bank of India (RBI) governor Duvvuri Subbarao with an error in the serial number. Whereas, another Rs1,000 note being sold for Rs301 has the signature of former RBI governor Bimal Jalan.

After demonetisation, the Centre passed an ordinance, banning any individual from keeping more than 10 scrapped notes.

When HT contacted the spokesperson for eBay India, she refused to comment on the sale of notes. There was no response from the sellers as well.

When HT contacted a numismatist to ask if the notes had become collectibles, he said that the notes couldn’t be called collectibles currently, and may never become collectibles.

“Demonetised notes of 1970 fetch a premium today because they were burnt and thrashed. However, that’s not the case with these notes. Maybe some people online are trying to make extra money by selling their excess notes,” said Abdul Razak Sheikh, former secretary, Mumbai Coin Society.

On the other hand, Sushilkumar Agrawal, CEO, mintageworld.com, an online museum for coins, currency notes and stamps, said that notes which have unique serial numbers become collectibles even when they are in circulation.

“One could sell a demonetised note because now it is not a legal tender, hence the value of that note is zero. The Rs10,000 note which was demonetised in 1970s, now fetches Rs25-30 lakhs,” said Agrawal.

However, according to the Reserve Bank of India Act, 1934, a currency can only be exchanged and not sold, because selling of the currency violates sections 22, 23, 24 and 26 of the Act.