Will there be a change in currency notes from Rs 5 to Rs 500 in India? Opinion is being sought from experts!
Is there going to be a change in the currency notes and coins kept in your pocket? Are blind people finding it difficult to recognize the coins and notes kept in their pockets? Now the investigation has been handed over to the team of experts. The Bombay High Court on Monday asked experts to suggest ways to make rupee and coins more visually impaired in the country.
What is the matter
A division bench of Justices Prasanna Varale and Sharmila Deshmukh, during the hearing of a case on Monday, observed that the court keeps passing orders, sometimes even it can be kept in the dark. That is why the suggestions of experts are necessary to solve the matter. The court is hearing a petition by the National Association of Visually Impaired Persons (NAB). The petition claimed that visually impaired people face difficulty in identifying the new currency notes and coins.
What is the answer of Reserve Bank
The Reserve Bank of India (RBI) had earlier told the court that it has included several touch-related features in the rupee so that visually impaired people can identify them easily. Thereafter, the court asked the counsel for the petitioner, Uday Varunjikar, to seek the opinion of experts in this regard. “Take suggestions of some experts as to what measures and methods can be adopted to ‘design’ coins and rupees so that they are fully or partially suited to the visually impaired,” the bench said. The next hearing will be held after four weeks.
7% of Indians hold digital currency
A shocking report has come out regarding digital currency. A United Nations (UN) report states that the use of cryptocurrencies has increased at an unprecedented rate around the world during the Kovid-19 pandemic. It was also told in this report that more than seven percent of the population in India has digital currency. United Nations trade and development body UNCTAD said that 15 of the top 20 economies in terms of the share of the population holding cryptocurrencies in 2021 were developed countries. Ukraine tops the list with 12.7 per cent. It is followed by Russia (11.9 per cent), Venezuela (10.3 per cent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 per cent).
Digital Rupee will be launched in India
The Finance Minister told during the budget that Digital Rupee will be issued in the country this year. The Reserve Bank has made all preparations to introduce digital rupee. Presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman said that the Reserve Bank proposes to introduce a ‘digital rupee’ using blockchain technology from 2022-23. The Finance Minister said that to promote investment, financial assistance of one lakh crore rupees will be given to the states in 2022-23. He said that the states would be allowed up to a fiscal deficit of up to four per cent of the GSDP in 2022-23.
