Mumbai: The Reserve Bank of India on Sunday announced it will shortly issue new Rs 50 and Rs 20 notes bearing the signature of new Governor Urjit Patel, but existing banknotes of both denominations will continue to be legal tender
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.