The Reserve Bank of India will shortly issue new Rs 20 and Rs 50 notes in the Mahatma Gandhi Series-2005. These notes will bear the signature of RBI Governor Urjit R Patel.Old banknotes of the two denominations will continue to be legal tender.
The year ‘2016’ will be printed on the reverse of the banknotes.
- On the Rs 20 note, with inset letter ‘L’ in both the number panels.”
- The RBI move comes after Prime Minister Narendra Modi’s decision last month to scrap 500 rupee and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has caused a currency crunch in a country where most people are paid in cash and buy what they need with cash.
Reserve Bank of India:
The Reserve Bank of India is India’s central banking institution, which controls the monetary policy of the Indian rupee.
It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.Following India’s independence on 15 August 1947, the RBI was nationalised on 1 January 1949.