In a historic move, Prime Minister Narendra Modi today announced demonetisation of Rs 500 and Rs 1,000 notes. In his address to the nation, PM Modi said that the move will be implemented with effect from midnight tonight, making these notes invalid. The PM announced the surprising assault on black money, fake currency and corruption on Monday evening. However, with this shocking revelation, Modi also unveiled the fact that the Reserve Bank of India (RBI) will introduce new currency notes of Rs 500 while Rs 2,000 notes will also be issued by the bank. In a related announcement, RBI governor Urjit Patel and secretary of the Department of Economic Affairs Shaktikanta Das called it a necessary step and said it is “in medium & long term interest of our economy”.
In the media briefing, the DEA secretary unveiled the news currency notes of Rs 500 and Rs 2,000. Showcasing the notes, he said the notes will be known as “Mahatma Gandhi news series of bank notes”.
Here is how the new notes will look:
Rs 500 note:
In the new currency notes of Rs 500, RBI has introduced the denomination into Devanagari script. It has also replaced the glittery green colour with sober grey along with shifting the denomination from middle to the bottom on the right side of the note. If we talk about the back side of the note, the image of Dandi march is removed and an image of Red Fort is affixed with the logo and slogan of ‘Swachh Bharat Abhiyan’. The RBI Governor’s declaration is shifted from the bottom of the note to the middle on the front side of the currency.
Rs 2,000 note:
The new Rs 2,000 note is having a mixed touch of pink and purple. While the front side of the note has the same design as of Rs 500 note, its back side affix the image of ‘mangalyaan’ (satellite) instead of Red Fort.
Showing the new currency notes, Das said that RBI will release new currency notes with new features,designs and dimensions from November 10 onwards.
Speaking on the occasion, the DEA secretary warned that if someone is receiving Rs 500 and Rs 1,000 notes after tonight, he/she will be doing it at his own risk.