RBI to issue new Rs 50, Rs 20 notes, old notes to remain valid

After releasing new Rs 500 and Rs 2000 currency notes, the Reserve Bank of India (RBI) will shortly issue new Rs 50 and Rs 20 denomination banknotes in the Mahatma Gandhi Series-2005. "The design and
RBI, Demonetise, Notes, Banks, Urjit Patel
India TV Business Desk New Delhi December 04, 2016 19:17 IST

After releasing new Rs 500 and Rs 2000 currency notes, the Reserve Bank of India (RBI) will shortly issue new Rs 50 and Rs 20 denomination banknotes in the Mahatma Gandhi Series-2005 bearing the signature of new Governor Urjit Patel.

The year '2016' will be printed on the reverse of the banknotes, it said.

"The Reserve Bank of India will shortly issue Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing signature of Dr. Urjit R Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote," the central bank said in a notification posted on its website.

On the Rs 20 note, it said: "Reserve Bank of India will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter 'L' in both the number panels."

The decision follows the November 8 demonetisation of high-value currency that has caused a major cash crunch, with the supply of new Rs 500 and Rs 2,000 notes released proving insufficient for meeting the current demand.

Here is the full text of the RBI documents:

The Reserve Bank of India will shortly issue ? 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing signature of Dr. Urjit R Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote.

The design and security features of these banknotes will be similar to the banknotes of ? 50 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series- 2005 through Press Release No. 2016-2017/751.

All the banknotes in the denomination of ? 50 issued by the Bank in the past will continue to be legal tender.

The Reserve Bank of India will shortly issue ? 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘L’ in both the number panels, bearing signature of Dr. Urjit R Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote.

The design and security features of these banknotes will be similar to the banknotes of ? 20 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series- 2005 through Press Release No. 2016-2017/1004.

All the banknotes in the denomination of ? 20 issued by the Bank in the past will continue to be legal tender.

(With inputs from IANS)

 
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