Wednesday, 26 December 2018

RBI to release new Rs. 20 note soon

Reserve Bank of India (RBI) is soon set to introduce new Rs. 20 note with additional features, according to a document of the central bank.

While the exact date when the new notes will be released
is not known as of now, the new look Rs. 20 note will add to the Government's arsenal of recently-released new look notes. Since the government banned old Rs. 500 and Rs. 1,000 notes in the demonetization of November 2016, the central bank has been issuing a variety of new notes, including previously non-existent Rs. 200 and Rs. 2,000 notes.

Meanwhile, colors and sizes of Rs. 10, Rs. 50, Rs. 100, Rs. 500 denominations have also been changed.The new notes are being released under the Mahatma Gandhi (New) series, and all the new notes sport vibrant colors.

However, despite new notes being released, older notes except for the banned Rs. 500 and Rs. 1,000 denominations are still being accepted as legal tender, and will continue to be so till such time the RBI issues a notice stating otherwise.

According to RBI data, there were 4.92 billion pieces of Rs. 20 notes in circulation as of March 31, 2016.

However, after large denominations were banned in the demonetization, the number of Rs. 20 notes in circulation more than doubled to 10 billion pieces by March 2018, accounting for 9.8% of total currency in circulation.



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