RBI to launch new Rs 50 note

August 18, 2017 18:47

The RBI will shortly launch new Rs 50 banknotes with the motif of Hampi with the chariot on the reverse to depict the country's cultural heritage.

The RBI has stated that all banknotes in the denomination of Rs 50 issued by the Reserve Bank in the earlier series will continue to be legal tender

After the government, in a sudden move, withdrew old currency notes of Rs 500 and Rs 1000 on the night of November 8 last year, the RBI introduced new notes of Rs 500 (stone-grey in colour) and Rs 2000 (purple in colour) in order to refill the circulation.

The demonetisation exercise, that withdrew almost 86 of the currency in circulation, was carried out by the Centre in order to cut down on corruption, root out counterfeit currency and eliminate terrorist funding.

Economic Affairs Secretary Shaktikanta Das earlier this year said the government has no plans to introduce new Rs 1000 currency note and that the focus is on lower denomination notes.

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