Tag Archives: FM

2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender

The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes was stopped in 2018-19.

2. About 89% of the ₹2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.


3. In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation.

4. The banknotes in ₹2000 denomination will continue to be legal tender.

5. It may be noted that RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014.

6. Accordingly, members of the public may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.

7. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023.

8. To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for ₹2000 banknotes until September 30, 2023. Separate guidelines have been issued to the banks.

9. The facility for exchange of ₹2000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.

10. The Reserve Bank of India has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.

11. Members of the public are encouraged to utilise the time up to September 30, 2023 to deposit and/or exchange the ₹2000 banknotes. A document on Frequently Asked Questions (FAQs) in the matter has been hosted on the RBI website for information and convenience of the public.

Source: RBI Press Release: 2023-2024/257

ameerul.hasan@thechangemakers.net

Farnek launches standalone Smart technology FM solutions company

Leading UAE-based smart and green facilities management (FM) company Farnek has launched a new smart FM technology solutions company, HITEK, under the leadership of managing director, Javeria Aijaz, who was previously Senior Director – Technology & Innovations at Farnek.

Leading UAE-based facilities management (FM) company launches HITEK as a separate and dedicated FM technology solutions company

Developed in-house, the HITEK solution 4.0, was originally launched in Q3 last year, connecting people, assets and spaces from multiple remote sites, using intelligent analytical platforms, for cleaning, security and maintenance, so they could be smartly centrally managed and monitored by utilising the Internet of Things (IoT), Building Management Systems (BMS), Cloud, Machine Learning (ML) and Artificial Intelligence (AI) based technologies.

Commenting, Markus Oberlin, CEO at Farnek said: “After developing the HITEK brand as a cutting-edge technological FM proposition, we received enquiries from both our customers, trade associations and government departments, as well as other industry peers.

“It soon became apparent that there was huge potential for this innovative solution. Because HITEK can integrate with any existing technologies like BMS, built on open protocol, HITEK can now activate a variety of bespoke, white-labeled portfolio solutions, to building managers and FM professionals, as well as other FM consultancies, linking smart buildings with a digitally connected workforce.

HITEK can now activate a variety of bespoke, white-labeled portfolio solutions, to building managers and FM professionals, as well as other FM consultancies

“HITEK has a distinct competitive edge, especially within a FM industry facing major challenges in the way properties are operated and managed. Buildings are becoming ever smarter, with the rapid development of artificial intelligence, the digitisation of asset management and complicated further by corporate Net Zero ambitions,” said Oberlin.

The solutions support operational efficiencies, staff welfare, and sustainability while saving clients significant amounts of money by reducing manpower costs by up to 17% by transferring from traditional FM operational management to HITEK’s smart management.

Under Aijaz’s direction, Farnek’s award-winning in-house technology team has developed a range of cutting-edge technologies and initiatives such as a CAFM, BMS, IoT Remote monitoring, smart washroom, wearable technology, HSEQ App, eProcurement, telematics solutions, facial recognition, and benchmarking and forecasting software to make buildings more efficient and ultimately more sustainable.

“HITEK’s 24/7 command and control room or ‘nerve centre’, is located at Farnek’s state-of-the-art staff accommodation centre in Jebel Ali. Being 5G and Wi-Fi 6 enabled, HITEK can take advantage of increased bandwidth, ultra-low latency and enhanced security,” said Aijaz.

The flexible HITEK 4.0 solution has already been implemented by a number of Farnek’s existing customers

“This will allow us to rollout more connected and transformative applications of technology that not only uplift the face of FM digitalisation, but also offer enhanced efficiency, as technology advances, interfacing with all aspects of FM,” she added.

The flexible HITEK 4.0 solution has already been implemented by a number of Farnek’s existing customers including Aster Healthcare and the Green Community residential development in Dubai Investments Park.

ameerul.hasan@thechangemakers.news