Rare 10,000 rupee note in Dubai

919943894Dubai: An Indian expat is in possession of a rare 10,000-rupee note that was discontinued in 1978 in India.

Ramkumar, a professional numismatist who is the founder of Dubai-based numismatic company Numisbing, said he finally got hold of the rare note in 2015 from a collector in India.

According to Reserve Bank of India’s data, before the demonetisation of 1978, there were only 346 notes of 10,000 denomination in circulation, out of which less than 10 such banknotes exist today.

The one in Dubai, believed to be the only one in the UAE and Middle East, is on display at the Numisbing showroom, located in Doha Centre on Al Maktoum Street.

Demonetisation has been in the news lately after the Indian prime minister’s surprise anti-corruption move to overnight ban existing Indian currency notes of 500 and 1,000 denomination last month.

Speaking  about the rare 10,000 note, Ramkumar said: “This note was in my want list for a long time, but nothing was available for sale. Finally, I got it last year from a collector in India. This is the only 10,000 rupee note known to be in UAE.”

When asked how much the note would be worth to a collector, Ramkumar said, “It is difficult to put a price tag to it”.

Demonetisation of high-denomination notes in Indian has happened twice before, in 1946 and 1978.

In 1946, the denominations of 500, 1,000 and 10,000 were discontinued and in 1978 notes of 1,000, 5,000 and 10,000 denominations were demonetised.

The Numisbing showroom has put on display the old 1,000 and 10,000 notes.

Ramkumar has been a collector of Indian banknotes for the past 15 years.

 

 

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