16-Jan-2017

Hold on to those old Indian notes as it may make you rich in the future

CHENNAI Dec 31: While everybody in India is harping about how dangerous it is to have currency in demonetisation notes of ₹500 and ₹1000 notes, here’s an article telling how devalued currency can make you rich in the future Will demonetised notes be of any use? No, says Prime Minister Narendra Modi; no, says the Reserve Bank Of India but Ramkumar, a Dubai-based numismatist says they will.
 
In an interview to Khaleej Times, the 36-year-old Chennai-born numismatist has advised that we hold on to some of the demonetised notes in case we want to inherit a fortune later on.
 
He says, “Check the serial numbers of the currency notes. Special serial number, fancy and royal notes could fetch several times its face value in future.”
 
"How much profit one can make on these notes, is purely depending on demand and supply. There is worldwide demand for fancy notes. For example, a fancy number note of the UAE may be required by a collector in Australia."
 
Indian numismatists also had the same approach once demonetisation set in. Old notes of ₹1000, ₹5,000 and ₹10,000 notes in India have fetched princely sums once auctioned.
 
Collectors from world over have been bidding for them. Some close to ₹30 lakh for an old note.
 
But that is not all, the condition of the note will also affect its price in the market. An uncirculated note, will command a higher price compared to the used ones. 
 
To interest a collector the note should have some special quality as pointed by Ramkumar –serial numbers, unique note or even one with misprint etc.
 
Such notes will fetch you decent value. So from now on keep an eye on the notes that you spend.
 
Check for these traits on your notes of any denomination and be sure to keep them safe, who know they might come in hand on a rainy day.
 
So you see check that bundle of demonetised notes you were going to submit to the bank by tomorrow and 
 
pick out the ones you know will keep your future assured.