The Reserve Bank of India will be issuing fresh ₹50 and ₹20 denomination notes soon in the Mahatma Gandhi-2005 series, the apex bank said on Sunday. Previous banknotes of the two denominations will continue to be legal tender.
"The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing the 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 design and security features of these banknotes will be similar to the banknotes of ₹50 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in the series," the RBI said.
In a separate note, the banking regulator said: "The Reserve Bank of India will shortly issue ₹20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter 'L' in both the number panels, bearing signature of RBI Governor Urjit R Patel, and the year of printing '2016' printed on the reverse of the banknote."
The design and security features of these banknotes will be similar to the banknotes of ₹20 denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series-2005.
After Prime Minister Narendra Modi declared that existing ₹500 and ₹1,000 notes will be scrapped effectively November 8, the country has been reeling under cash crunch as there still aren't enough of new ₹500 and ₹2,000 notes in circulation.
Long queues at banks and ATMs, due to withdrawal limits, have been witnessed over the past month, since the announcement.
Meanwhile, old ₹500 and ₹1,000 notes are continued to be exchanged at the RBI and can be deposited at banks.
