The Reserve Bank of India (RBI) is going to issue new notes of Rs 10 and Rs 500. RBI has informed that soon 10 and 500 rupee notes will be issued in Mahatma Gandhi’s new series. These notes will be signed by Reserve Bank Governor Sanjay Malhotra. Earlier it was reported that RBI would issue new notes of 100 and 200.
What did RBI say?
In its latest update, the central bank has said that the design of these notes will be similar to the Rs 10 and 500 rupee notes of the Mahatma Gandhi (new) series. All 10 rupees and 500 rupee notes issued by the Reserve Bank will remain valid currency. The new notes will be signed by RBI Governor Malhotra.
When will the note be released?
In some cases the RBI issues new notes. For example, the currency notes present in the market must have become very old, the design of the notes must have been changed, or some notes would be out of circulation. As seen during demonetisation. The Reserve Bank has clarified that the arrival of new notes of Rs 10 and Rs 500 will not affect the old notes already existing in the market. The notes already existing in the market will remain valid and will not be closed.
100 and 200 too?
Last month, news came that RBI will soon issue new notes of 100 and 200 rupees. As soon as this news came out, the discussion started what will happen to the old notes? It was then said by the central bank that no change would be made in the design of these notes. This change will only require the signature of the RBI governor. Sanjay Malhotra has taken over as the Governor of the Reserve Bank of India. Therefore, new notes of 100 and 200 with his signature will be issued. This is a common process, in which their signature notes are issued after the appointment of a new governor. This will not affect the existing notes.
Demonetisation was done in 2016
Demonetisation took place in November 2016. Under this, 500 and 1000 rupee notes were excluded from circulation. Later the government brought a 2000 rupee note. ATM machines have been changed for this note. However, in May 2023, RBI also decided to close the 2000 rupee note. At the time when it was decided to discontinue the 2000 rupee note, the amount of 2000 rupee notes in circulation was more than three and a half lakh crore rupees.
