RBI soon to issue new denominations of 10

RBI soon to issue new denominations of 10
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New Delhi: After rolling out new fresh denominations of Rs 2000 and 500 respectively RBI is now planning to roll out new Rs 10 denominations under the Mahatma Gandhi series with chocolate brown base color which also bear a picture of the Konark Sun Temple reported News 18.

According to the sources that bank has already printed nearly billion pieces of the new 10 rs denominations.

The Government has approved the new design last week since the change in the note was last made in 2005 in order to get rid of counterfeiting like it introduced fresh new denominations of Rs 200 and 50 in August.

RBI has been replacing all old currencies since Modi led Government had imposed demonetization on 8 November 2016 which amounted to 86% of the countries currency in circulation of Rs 17.9 trillion.

RBI has so far printed 16.96 billion pieces of Rs 500 denominations while printing 3.6 billion pieces of Rs 2,000 denominations according to information by finance Ministry.

The RBI data submitted in Lok Sabha also showed the currency in circulation was Rs 16.71 trillion as on December 22 which is about 94.4% of the Rs 17.7 trillion that was in circulation on 4 November 2016.

According to RBI’s annual report for the fiscal 2016-17 volume of banknotes have also increased by 11.1% likely due to a higher infusion of banknotes of the lower denomination which was followed by imposed demonetization.

The central government has maintained the demonetization move is to check counterfeit notes that were in circulation since 2008.