Question: Recently RBI announced to shortly issue 50 Rs. and 20 Rs. denomination banknotesin the Mahatma Gandhi Series-2005. All the banknotes in the denomination of 50 Rs. and 20 Rs. issued by the Bank in the past will continue to be legal tender or not?
(a) Yes
(b) No
(c) Yes, Till 30 December, 2016
(d) Yes, Till 31 March , 2017
Ans: (a)
Related facts:
- The Reserve Bank of India will shortly issue 50 Rs. 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.
- The design and security features of these banknotes will be similar to the banknotes of 50 Rs. denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series- 2005.
- RBI will shortly issue Rs. 20 denomination banknotes in the Mahatma Gandhi Series-2005 , with inset letter ‘L’ 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.
- The design and security features of these banknotes will be similar to the banknotes of 20 Rs. denomination with the ascending font of numerals in both the number panels and without intaglio print issued earlier in Mahatma Gandhi Series- 2005.
- All the banknotes in the denomination of 50 Rs. and 20 Rs. issued by the Bank in the past will continue to be legal tender.
Reference:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38781
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38782