Capitalising on the crippling shortage of currency and the fancies of the masses are “collectors” selling the newly introduced high denomination notes with ‘fancy numbers’ for an asking price many times the actual value of the note.
A Hyderabad-based individual, who claims to be a currency aficionado, put up for sale on Friday evening a new Rs. 500 note numbered ‘8AL 839786’, asking Rs. 2000 for it. Within an hour, his Facebook post attracted several comments questioning the legality of the sale and threats to alert cops, but an equal number of comments revealing interest in the offer.
“I fancy doing it. So what? I have sold a Rs. 2000 note which was numbered all ‘7s’ for Rs. 20,000. Tell me how much can you give?” he asked this reporter when contacted on the mobile number provided in his post.
The man said he struck a deal at Rs. 5000 for the “lucky” Rs. 500 note, which he possibly believes holds more value in its suffixed serial number than its legal tender. “The offer came from a man who said he wants to give the note as a birthday present. I can give it to you for Rs. 4000,” he said.
A cursory web search reveals new notes, along with older notes including the recently demonetised high denomination currency, are being auctioned on e-commerce portals including eBay. Social media too is used for the purpose. The asking price for the notes ranges anywhere between 10 times and 100 times of their tender value. The trade is not covert; sellers accept payment electronically and also agree to ship the note.
Interestingly, the searches for the term ‘786 note’ spiked on Google search after November 8 when Prime Minister Narendra Modi announced demonetisation of Rs. 500 and Rs. 1000 notes.
Seasoned numismatists say there is no law that prohibits such sale but the legality of the matter is in the grey. Though licensed auction houses in the country auction legal notes and coins with minting or printing errors and with fancy numbers, there have been instances of courts taking objection in the past by citing various sections of the law. A court in Indore reportedly sought explanations from online portals allowing sale of tendered currency while hearing a public interest litigation petition last year.
When cyber crime wings of Hyderabad and Cyberabad were contacted to check if they received complaints against the trade, they replied being unaware.
