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RBI Announces That It Will Now Issue New ₹50 Notes, But Old Ones Will Be Valid Too

It won't have the intaglio printing anymore.

19/12/2016 7:42 PM IST | Updated 19/12/2016 8:04 PM IST
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Close up of Indian fifty rupee note

The Reserve Bank today announced that it will issue new currency notes of ₹50 with numerals in ascending size in the number panels and without intaglio printing.

The new notes will have letters 'R' and 'L' on them.

However, the RBI has also announced that the all the banknotes in the denomination of ₹50 issued by the bank in the past will continue to be legal tender.

"The Reserve Bank of India will shortly issue ₹50 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter 'R' 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 the press note.

Another press note said that the notes will have inset letter 'L' in both the number panels.

READ: The RBI Will Not Tell You What It Discussed Ahead Of Demonetisation

The numeral '50', RBI seal, Mahatma Gandhi's portrait, RBI legend, Guarantee and promise clause, Governor's signature, Ashoka Pillar emblem which were printed in intaglio (raised printing) are now being printed in offset (without any raised printing).

In November, the government decided to ban ₹500 and ₹1000 denomination bank notes, in a move to curb black money. Subsequently a new ₹500 banknote was issued and a new ₹2000 was also issued.

Meanwhile, in its latest announcement, the government has put in a new restriction. In the new rule, deposits of more than 5,000 in old ₹500 and ₹1,000 notes can be made in a bank account only once from now till December 30, the deadline for depositing old notes.

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