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Wednesday, April 17, 2019

New Rs 50 note with RBI Governor Shaktikanta Das’ Signature Soon; here’s what will happen to old currency

New Rs 50 note with RBI Governor Shaktikanta Das’ Signature Soon; here’s what will happen to old currency
The Reserve Bank of India (RBI) on Tuesday said that it will soon issue new Rs 50 denomination currency notes bearing the signature of Governor Shaktikanta Das.

The old banknotes issued by the central bank will remain legal tender, it also said in a statement.
The Reserve Bank of India (RBI) on Tuesday said that it will soon issue new Rs 50 denomination currency notes bearing the signature of Governor Shaktikanta Das. The old banknotes issued by the central bank will remain legal tender, it also said in a statement.

“The Reserve Bank of India will shortly issue ₹ 50 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Das, Governor. The design of these notes is similar in all respects to ₹ 50 banknotes in Mahatma Gandhi (New) Series”, RBI said in a statement today.

In 2017, RBI had issued new Rs 50 and Rs 200 notes that are being used until now. The currently used Rs 50 notes are in the Mahatma Gandhi (new) series and bear the motif of ‘Hampi with Chariot’ on the reverse. Whereas the Rs 50 note is fluorescent blue in colour, the Rs 200 note has shades of purple.

On 8 November 2016, Narendra Modi government had announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetised banknotes.

The Modi government had then said that the noteban action would restrict the shadow economy and cut down the use of illegal and counterfeit cash to fund illegal activity and terrorism.

Recently The Indian Express had reported that the economy is seeing a new phenomenon described as ‘reverse flow’ of coins. It has left the central bank with a glut of as many as 900 crore coins that may be on the “verge of collapsing due to weight”, the report added.