New notes of Rs 20 and Rs 50 will soon be introduced

Move over the ATM queue to withdraw new notes. The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 and Rs 50 denomination banknotes respectively. Both the notes will be in the Mahatma Gandhi Series-2005, with inset letter 'L' in both the number panels, bearing signature of Urjit Patel.

According to the press release, these notes will also have 2016 marked. However giving a sigh of relief, RBI has assured the old notes will continue to be in circulation unlike Rs 500 and Rs 1000. The design and security features of the notes will remain as it is.

Prime Minister Narendra Modi had scrapped old Rs 500 and Rs 1000 notes last month. While these have been replaced by new notes of Rs 500 and Rs 2000, the trouble for common people to collect physical notes at bank is still there.

(India Times Image)