The Indian govt. may have taken the demonetization decision for curbing black money and corruption but the harsh truth is that it has affected lives of common public to a great extent, as we can see that there are long queues in banks and ATMs for withdrawing money.
To counter this cash crunch, Reserve Bank Of India has decided to issue new notes of Rs. 20 and Rs. 50; however, there will be no need to deposit the old notes as they will also remain valid.
On Sunday, RBI issued a statement which read,
“The RBI will shortly issue Rs 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.”
Issue of ₹ 20 banknotes with the inset letter ‘L’, with numerals in ascending size in number panels and without…https://t.co/EeFGlK1Q2w
— ReserveBankOfIndia (@RBI) December 4, 2016
It further read,
“The RBI 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 statement further added,
“The design and security features of these banknotes will be similar to the banknotes of Rs 20 and Rs 50 denominations 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.”
Issuance of ₹ 50 banknotes without inset letter, with numerals in ascending size in number panels, and without…https://t.co/DaFWRuCEGA
— ReserveBankOfIndia (@RBI) December 4, 2016
RBI may have taken the decision to issue new notes of Rs. 20 and Rs. 50 but it is already under pressure to print the notes of Rs. 500 and Rs. 2000. This pressure has already resulted in two versions of Rs. 500 note which may defeat the purpose of combating fake currency.
We really hope that this solves the purpose and things get back to normal very soon.
