RBI to introduce new 20 & 50 rupee currency notes
The Reserve Bank of India (RBI) is going to issue new currency notes of Twenty and Fifty rupees denomination in the Mahatma Gandhi Series-2005.
All old the previous currency notes of old Rs. 20 and Rs. 50 denomination issued by the Bank will continue to be legal tender.
Key Facts
- The 50 rupees note will be without inset letter in both the number panels.
- The 20 rupees note will be with inset letter ‘L’ in both the number panels.
- Both notes will bear signature of incumbent RBI Governor Dr. Urjit R Patel. The year 2016 will be printed on the reverse of both the notes.
Earlier in November 2016, the Union Government had decided to ban Rs 500 and Rs 1000 denomination bank notes, in a move to curb black money. Subsequently a new Rs 500 banknote and Rs 2000 with advance security features were also issued. However, Rs 1000 notes have not been issued yet.
For more information: (i) How Currency is Issued in India? (ii) Demonetisation and Its Implications for India
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Month: Current Affairs - December, 2016