The Reserve Bank of India on Monday said that it will issue Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘L’, ‘R’ in both the number panels, bearing signature of Dr Urjit R.Patel, Governor, Reserve Bank of India, and the year of printing ‘2016’ printed on the reverse of the banknote. These banknotes would have the ascending size of numerals in the number panels and without intaglio printing; the banknotes are similar to Rs 50 banknotes issued earlier in Mahatma Gandhi Series-2005. The Central Bank said that all the banknotes in the denomination of Rs 50 issued by the RBI in the past will continue to be legal tender.
Prime Minister Narendra Modi had announced on November 8 to demonetise Rs 500 and Rs 1,000 currency notes. It was followed by the launch of new Rs 500 currency notes and introduction of a new denomination of Rs 2,000 note by RBI Governor Urjit Patel and secretary of the Department of Economic Affairs Shaktikanta Das on the same day.
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It may be mentioned here that the new Rs 500 currency notes were issued in a complete new ‘avatar’ from colour to size and to image on its reverse. The size of the new banknote is 63mm x 150mm and the colour is stone grey. It also replaced the image of Dandi March from an image of the Red Fort in Delhi on the reverse. However, the new banknotes of the two low-value currency notes will be same.
Earlier in the day, the central bank in a notification said that now-defunct notes in excess of Rs 5,000 shall be credited to only KYC-compliant accounts and if the accounts are not KYC-compliant, credits may be restricted up to Rs 50,000 subject to the conditions governing the conduct of such accounts. In a separate notification, the Finance Ministry said: “There shall not be any limit on the quantity or value of the specified bank notes that are tendered for payment and deposit made under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016”.
(With inputs from Agencies)