04/12/2016 4:58 PM IST | Updated 04/12/2016 5:19 PM IST

RBI To Release New ₹50 And ₹20 Notes, But Old Notes Will Remain Valid

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50 rupee banknote, 1983, obverse. India, 20th century.

The Reserve Bank of India has announced that it will soon issue ₹20 and ₹50 denomination banknotes bearing the signature of Governor Urjit Patel. The new notes in the Mahatma Gandhi Series-2005 will also have the year '2016' printed on the reverse side.

All the banknotes in the denomination of ₹20 and ₹50 issued in the past will continue to be legal tender.

The design and security features of these banknotes will be similar to the banknotes of ₹20 and ₹50 with the ascending font of numerals in both the number panels and without intaglio print issued earlier in series.

The RBI on 8 November scrapped ₹500 and ₹1000 currency notes in an attempt to curb counterfeit currency and counter black money. The demonetisation had led to nationwide chaos, with insufficient cash available at ATMs across the country even a month after the move.

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