RBI To Issue New 20 And 50 Rupee Notes; Old Currency Continues

The Reserve Bank of India (RBI) will release new INR 20 and INR 50 notes in the Mahatma Gandhi of Series-2005. The new notes will have the signature of Urjit R Patel (RBI Governor). The Old banknotes of the two denominations are still valid. The reverse of the banknotes will contain year '2016' printed on, said by RBI in a statement. On the INR 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter 'L' in both the number panels. And the INR 50 denomination banknotes in the Mahatma Gandhi Series-2005, which will does't inset letter in both the number panels, bearing signature of Governor

The Reserve Bank of India (RBI) move comes after Indian Prime Minister Narendra Modi's  decision in the last month to scrap INR 500 Rupee and INR 1,000 Rupee banknotes as part of abolition on tax dodgers and counterfeiters has caused a currency gnaw in the nation where most people are paid in cash and buy what they need with cash. With a small stock of smaller notes available and new bills of INR 500 and INR 2,000 rupee in short supply, Indians are being forced to stand in queues outside banks and cash machines to change their old notes.