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Wednesday, May 25, 2011

cops chase 500Km for 1rs bundle

1 rupee note 1964
1 rupee note 1964 bhootlingam
1 rupee 1964 bhootlingam
The following is a part of a report in the Times of India. Read on:

NEW DELHI: It's not often that a cop would travel over 500 km to chase a bundle of one-rupee notes. If you thought Re 1 is a pittance, you are mistaken. This bundle is actually worth a bounty - Rs 32 lakh for all the 100 notes. What makes it priceless is its antique value. These rare notes bear the signature of former finance secretary S Bhootalingam and is a collector's dream. Each note can fetch a mindboggling Rs 25,500 in the antique market. And this precious booty was stolen from Delhi and smuggled to Rajasthan. And this sent alarm bells ringing. A team of Lajpat Nagar police raided three places in Rajasthan - Jodhpur, Bikaner and Jaipur - to retrieve the cash.

Rajkumar Gupta, a resident of Rajouri Garden, thought he had hit a jackpot when he stumbled upon 100 notes of rupee one signed by former finance secretary Bhootalingam. He found that he could sell these notes between Rs 28 lakh and 32 lakh. While enquiring on the procedure, he found two buyers - Ankit and Mahesh - who asked him to come to Lajpat Nagar market on March 26. And it was then that he was left duped.

Additional CP (southeast) Ajay Chaudhry said, "While the deal was being hammered out, the two men tricked him and quietly stole the cash. Later, a case was lodged with the Lajpat Nagar police station. We began investigations and found that the accused had moved to Rajasthan. We found that the mobile phones used by the thieves were procured through fake IDs."

The trail took the cops to Bikaner where they tracked down an accomplice, Manoj, who had received the consignment. He was about to deliver it to one Mahender Kumar at Jaipur. "We also got a tip-off that the gang was planning to sell the notes through a local auction and the base price had been set at Rs 26 lakh," said an investigating officer.

The last one rupee note was issued in 1994 and the 1995 1rs note as some of us may have heard about, is a fake. Since the 1 rupee notes are no longer in circulation, that makes them a collector's item. Though I have to admit that I do not know much about notes, but as far as I know most 1 rupee notes have value like 20-40 in UNC condition, and in poor condition we cannot expect appreciation. The 1964 one rupee note signed by Bhootlingam is specifically rare and a single note is valued at 25000+ in good condition.