Termites Indian Rupees, $10M Destroyed

Termites Indian Rupees. Police say that millions of rupees were eaten by termites in India at a bank. They were worth about 10 million ($222,000) in a steel bank chest.

Officer Navneet Rana says the bank manager discovered the damage when he opened the reinforced room in an old bank building on Wednesday. Apparently, termites had damaged bank furniture and documents in the past. The money was put in the bank chest in January.

According to Rana police have registered a case of negligence by bank officials in Barabanki, a town 20 miles (30 kilometers) southwest of Lucknow, the Uttar Pradesh state capital. In India, police register a case before opening an investigation. Rana told The Associated Press on Friday: “It’s a matter of investigation how termites attacked bundles of currency notes stacked in a steel chest.”

The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India. The modern rupee is subdivided into paise. Bank notes areavailable in nominal values of 1, 2, 5, 10, 20,50,, 500 and 0 rupees.

Coins of the rupee have nominalvalues of 1, 2, 5, 10, 20, 25 and 50 paise as well as 1, 2, 5and 10 rupees.However, with effect from June 30 2011, 50 paise will be the minimum coin accepted in the markets as all denominations below it will cease to be legal currency.