Rs 1,000 and Rs 500 notes to sport new design

Even though there is no news from either the central government or the Reserve Bank of India on the rupee symbol, a competition for which was initiated in 2009, the Union Cabinet is mulling a change in the rupee design printed on Indian currencies.

Slated to be introduced in 2012, the new design will reflect on high-denomination currency notes -- like the Rs 1,000 and Rs 500 notes, which will have biometric security features currently.

The government is introducing the change keeping two issues in mind. One, international security considerations necessitates that India too conforms to this norm, as most developed countries have already adopted it.

Secondly, these security features will help India to tackle the menace of counterfeit notes.

A detailed Cabinet note from the Department of Economic Affairs would to be discussed and the changes will take place once approved.