India’s apex bank today said that it will shortly issue new Rs 10 currency note in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India.
India’s apex bank today said that it will shortly issue ₹ 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. “The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. The base colour of the note is Chocolate Brown. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse,” RBI said in a press release. Earlier in 2005, the central bank had changed the design of the old Rs 10 note. In August-17, RBI had introduced the new Rs 200 and Rs 50 notes under the Mahatma Gandhi series. The move is aimed at achieving RBI’s aim to promote a less-cash economy. “All the banknotes in the denomination of Rs 10/- issued by the Reserve Bank in the earlier series will continue to be legal tender,” the apex bank said in a press release. We take a look at key features of the new Rs 10 note.
The new note has a denominational numeral १० in written in Devnagari in the front. The note also features a portrait of Mahatma Gandhi at the centre. Further, the note has Micro letters ‘RBI’, ‘भारत ‘, ‘INDIA’ and ’10’, inscribed on it. Listing other salient features in the front, RBI noted: Windowed demetalised security thread with inscriptions ‘भारत’ and RBI; Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait; Ashoka Pillar emblem on the right; Mahatma Gandhi portrait and electrotype (10) watermarks; Number panel with numerals growing from small to big on the top left side and bottom right side.
The new will be in the dimension of 63 mm x 123 mm. In the reverse side, the note will have: Year of printing of the note on the left; Swachh Bharat logo with slogan; Language panel; Motif of Sun Temple, Konark and Denominational numeral १० in Devnagari.
The move is seen to target the RBI’s objective to promote a less cash economy. Value of digital transactions across the country has increased by 80% with the total amount expected to reach Rupees 1,800 crore in 2017-2018, official data suggests. The value of digital payments till October this year was at Rupees 1,000 crore, nearly equal to the value for entire 2016-2017. According to the Ministry of Information Technology, digital payments registered Rs 136-138 crore on an average from June-August keeping on the trend from the beginning of the year.
A recent SBI report finds that India’s apex bank may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency. The report, authored by SBI’s chief economist, Soumya Kanti Ghosh, cited data submitted by Finance Ministry to the Lok Sabha which said the value of Rs 2,000 notes were Rs 7,308 billion as on December 8, while the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion, according to RBI’s annual report.