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RBI to Issue New Rs 50, Rs 20 Notes, Old Currency to Remain Legal Tender

File photo of Reserve Bank of India  (Photo: Reuters)

File photo of Reserve Bank of India (Photo: Reuters)

The Reserve Bank of India (RBI) on Sunday said that it will soon issue new Rs 20 and Rs 50 notes.

New Delhi: The Reserve Bank of India (RBI) will soon issue new Rs 20 and Rs 50 notes to ease the cash crunch triggered by demonetisation. Old banknotes of the two denominations will continue to be legal tender.

“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,” said a statement issued by the RBI on Sunday.

“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 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,” it reads.

The decision to print new notes comes as the RBI is already saddled with the task of printing new Rs 2,000 and Rs 500 notes. The rush has already resulted in the central bank issuing two versions of the Rs 500 note with marked differences.

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first published:December 04, 2016, 15:34 IST