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Reserve Bank of India will release new Rs 20 currency notes soon

Reserve Bank of India will release new Rs 20 currency notes soon: According to a document of the central bank, the Reserve Bank of India (RBI) is shortly going to introduce a new Rs 20 currency note with added features. After demonetisation in India, new currency notes such as of Rs 10, Rs 50, Rs 100, Rs 500 as well as Rs 200 and Rs 2000 notes were already issued by the reserve bank with new looks, colour and features. The new notes are being presented under the Mahatma Gandhi sequences.

RBI set to release Rs 20 currency note soon

HIGHLIGHTS

  • The central bank has already issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes
  • The new look notes are being introduced since November 2016 under Mahatma Gandhi (New) series

On 8 November 2016, the Indian Government declared the demonetisation of all ₹500 and ₹1000 notes in India. Prime Minister Narendra Modi made the announcement and also declared the issuance of new ₹500 and ₹2000 banknotes in interchange for the demonetised banknotes.

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The government appealed that this action would restrict the shadow economy as well as lessen the practice of illegal and fake cash to fund unlawful activities and terrorism.

Objectives and outcomes of Demonetisation:

The objectives of demonetisation are:

  • Eliminating black money
  • Reducing terrorism activities
  • Removing any kind of illegal activities

The outcomes of demonetisation are:

  • Increase in Income Tax returns filing.
  • Increased use of Digital Payments
  • Reduce in black money and terrorism activities at certain level.

The general public gave mixed reaction to the government decision of banning Rs 500 and Rs 1000 notes. Some welcomed the change for the future betterment of the economy while on the other hand some people criticized the act by government. Mostly all the opposition parties at that time criticized the ruling government and claimed that it will lead to destruction of Indian economy rather than development.

According to the reports, the new Rs. 20 notes will be different in size, colour, texture and design like the previously introduced new currency notes after demonetisation.

The currency notes, excluding for banned Rs 500 and Rs 1000, allotted under the old sequence carry on to remain legal tender.

Meanwhile, the dates are not confirmed for the introduction of new Rs 20 notes but it will surely be soon. In the recent time, 10 rs notes were also started circulated which were very different from the previous 10 rs currency notes and same with the other currency notes, every new notes are coming up with new features and looks.