RBI to issue new Rs 20 and Rs 50 notes, old notes stay valid

Here's news you can use. The Reserve Bank of India will issue new Rs 20 and Rs 50 notes. These will be in the Mahatma Gandhi Series-2005. These new notes will bear the signature of RBI Governor Urjit R Patel. Old banknotes of the same denominations will continue to be legal tender.

The different will be the year '2016' will be printed on the reverse of the banknotes.

"The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter 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,"said RBI in a statement.

Reserve Bank of India also said they would shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘L’ in both the number panels.

The RBI move comes after Prime Minister Narendra Modi's move to denitrify currency of certain denomination in the country. 500 rupee (in its older avatar) and 1,000 rupee banknotes as part of a crackdown on black money and counterfeiters.

Currently the country is going through a massive challenge for having cash to spend for necessities and basics. There has been demand for better execution of this demonetisation process. With a small stock of smaller notes available and new bills of 500 and 2,000 rupee in short supply, Indians are being forced to stand in queues outside banks and cash machines to change their old notes.