RBI to soon issue new Rs 20, Rs 50 banknotes; old currency to remain legal tender

"The Reserve Bank of India (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," cited the central bank in a press release. 

ALSO READ: India abolishes larger banknotes in fight against graft, 'black money'

Also, it will issue new Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005,with numerals in ascending size in number panels, and without intaglio printing.

"The Reserve Bank of India will shortly issue Rs 50 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 (RBI), and the year of printing '2016' printed on the reverse of the banknote," RBI said in a separate release on Sunday.

All the banknotes in the denomination of Rs 20 and Rs 50 issued by the central bank in the past will continue to be legal tender. 

ALSO READ: Notes ban to significantly disrupt economic activity: Moody's