The Reserve Bank of India (RBI) today announced that it will introduce Rs 50 currency notes in new series. According to a statement by the central bank, the new notes will be in the Mahatma Gandhi (New) Series, bearing the signature of Dr Urjit R. Patel, Governor, Reserve Bank of India. As much as the people are excited to have a glimpse of this note, they haven’t totally recovered from the horror of demonetisation. The new series bank notes have been announced eight months after demonetisation declaration by PM Narendra Modi when new currency notes of Rs 2000 and Rs 500 were launched and the old Rs 500 and Rs 1000 notes were scrapped.
Back then, there were long lines outside the ATM machines with people waiting for hours to withdraw money. The banks were flooded with mobs trying to deposit their old Rs 500 and Rs 1000 notes. Above that, there were deadlines for everything. So, now that the RBI has announced the new Rs 50 note, the bigger question is what will happen to the old Rs 50 notes? Will they still be valid or will you have to get them exchanged from the bank?
Well, there is nothing to worry about this time as the RBI has made things clear through its official statement. In its statement, RBI indicated that the old notes of denomination Rs 50 will continue to be legal tender. This will ensure that all ban anxieties in the public are lifted. So you can relax and enjoy the weekend with your family without the tension of heading to the bank on Monday morning.
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As far as the new Rs 50 notes are considered, they will be fluorescent blue in colour. The new denomination has the motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage, the statement reads. RBI has kept the base colour of the note Fluorescent Blue and it also has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.