Yes, you heard correctly. The Reserve Bank of India is going to issue new 20 Rupee notes shortly under Mahatma Gandhi-2005 series. But the new notes are going to share a lot of similarities.
For instance, the new notes will be bearing inset letter ‘S’ in the number panel with the signature of RBI Governor Urjit Patel, of course. The design of the new notes will be similar to the ones in circulation now. But the notes may be smaller in size as compared to the ones presently in circulation. The notes released earlier in September 2016 had inset letter ‘R’.
Not to worry, there is good news for you too. All the bank notes in Rs.20 denomination currently in circulation will continue to be in legal tender. Phew! That must have brought relief to you.
Reasons for introduction of new notes of lower denomination
- The new notes will evidently kill back money circulation
- This is an incentive to curb terrorism including stone pelting
- Digitization of India will take place
- Increase in GDP
The history of rupee tracks back to the Ancient era, 6th century BC. The rupee is named after the silver coin, rupia, first issued by Sultan Sher Suri in the 16th century, later continued by the Mughal Empire.
Well, we hope that everything falls into place and the country climbs out of the demonetization trench as soon as possible. The RBI is yet to give any hint regarding the look of the new notes. Let us wait for that!
Interested to know about the specialty of India-China relations? Go through How are India-China relationship? Dark Secrets.
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