When will the Rs 10,000 Naga card finally arrive in New Zealand?
When will New Zealand finally get the Naga?
The Naga, as it’s known in the industry, is an alternative to the Rs. 2,500-currency banknote that is now standard issue in the country.
The Naga is issued by the Reserve Bank of India, and is issued on an entirely different format to the other banknotes.
It is designed for cash-strapped India, with the notes only being issued at the Central Bank of the country, rather than at the central bank.
As a result, the Nagas cost an estimated Rs 10 lakh in India, but its popularity in the West is so high that it has been hailed by the likes of rapper Kanye West, singer Alicia Keys and even President Barack Obama.
For its part, the Reserve Banks of India and the Reserve Currencies Board of India have promised that the Nags will arrive in the states in the next few weeks, and that the notes will be released by the end of October.
The Reserve Bank is expecting that the cash-poor nation will be able to meet its needs for the next two years, with an estimated revenue of Rs 13,000 crore by the time of the Nagar rollout.
But if you’re looking for the exact date, the Central Board of Direct Taxes has told NDTV that the next deadline is February 15, 2019.
India is currently facing a huge cash crunch, and the government has been running a programme to introduce cashless transactions.
In addition, the country has also introduced an anti-money laundering regime, with banks being required to conduct “urgent and regular checks on deposits”.
But with the introduction of the cashless payment scheme, and an estimated $1 trillion worth of transactions, it seems the government is not prepared to let India’s economy fall apart.
What do you think of the Reserve Notes?
Do you think the NAGAs will be worth more or less in New York?
Let us know in the comments section below.