New Rs 50 Banknotes to be introduced in Mahatma Gandhi Series

The Reserve Bank of India has announced that it will issue Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005. The new notes will have inset letter ‘L’, ‘R’ in both the number panels with the signature of Dr Urjit R.Patel. The year of printing ‘2016’ will be printed on the reverse of the banknote. These notes will be without intaglio printing and will have the ascending size of numerals in the number panels. At the same time, RBI has said that all the banknotes issued by the RBI in the denomination of Rs 50 in the past will continue to be legal tender.

RBI has a separate department called issue department whose assets and liabilities are kept separate from the Banking Department. Currency Management function of Reserve Bank is carried out at the “Department of Currency Management” located at Central Office Mumbai.