Amidst the chaos prevailing in India regarding the demonetisation of Rs 500 and Rs 1000 notes, a professional numismatist, reminiscences the 1978 demonetised Rs 10000 as a treasure.
Ramkumar, a professional numismatist who is the founder of Dubai-based numismatic company Numisbing, said he that he got hold of the rare note in 2015 from a collector in India.
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.”
It is on display at the Numisbing showroom, located in Doha Centre on Al Maktoum Street.
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Reserve Bank of India’s data shows that, 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.
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.
Mr. Ramkumar has been a collector of Indian banknotes for the past 15 years. “I used to buy them mostly from auctions around the world and sometimes rare notes, like the 10,000 rupee, which usually don’t come in auctions, are instead closed in private deals.”
“Many collectors from UAE and other Gulf countries collect Indian notes since it is a part of their country’s history as well. Even this 10,000 rupees note could have been used in this region, as it was legal tender by then. Many notes and coins used in this region before and after the formation of the UAE are in display at the showroom of Numisbing for viewing and for sale,” Ramkumar added.
By Premji
