Quiet honestly, I was surprised to see the currency named Raam wherein 1 Raam equals to 10 Euros.
As per to the reports on BBC Online Wednesday, 5 February, 2003
A new “currency” issued by a group founded Maharishi Mahesh Yogi may be used and has not violated Dutch law, the Dutch central bank has said.
The Global Country of World Peace, set up by the Indian mystic, issued the brightly coloured notes of one, five and 10 “Raam” in October 2002.
Since then, more than 100 Dutch shops, some of them part of big department store chains, in 30 villages and cities have accepted the notes.
The Raam is a key element… to promote a balanced world economy, reduce poverty and create world peace.
Benjamin Feldman, ‘Minister of Finance’ of the Maharishi movement
A spokesman for the Dutch Central Bank told BBC News Online the bank was keeping a close eye on the Raam, although he added that the Maharishi movement had done everything according to the law.
“The Raam can be used as long as the notes are not used as legal tender and it stays within a closed-off circuit of users,” he said.
The Raam is also circulating as the currency of Maharishi Vedic City in the US state of Iowa together with the US dollar, while Raam-based bonds are being offered in 35 American states.
In the Netherlands, the raam notes are accepted in Dutch shops at a fixed rate of 10 euros per raam.
“There are now about 100,000 Raam notes in circulation. That is not a lot but we are keeping a close eye on it because it must never lead to confusion for the public,” the Dutch central bank spokesman said.
Pearle Opticians in the southern Dutch town of Roermond started accepting the raam notes three weeks ago.
Shopkeepers can exchange their Raam notes at the Fortis Bank branch in Roermond.