ADVERTISEMENT

RBI to issue new Rs 10 currency note

RBI to issue new Rs 10 currency note
Highlights

After Rs500, Rs200 and Rs50 notes, the newest currency to get a makeover is Rs10 note. Reserve Bank of India (RBI) is going to issue new Rs10 currency...

Mumbai: After Rs500, Rs200 and Rs50 notes, the newest currency to get a makeover is Rs10 note. Reserve Bank of India (RBI) is going to issue new Rs10 currency notes under the Mahatma Gandhi series. However, an official statement is still due from the Centre. According to the sources in the know, the notes with chocolate brown colour as the base will bear the picture of Konark Sun Temple. The changes in design was approved last week. Last time the changes in design in Rs10 notes were made in 2005.

It’s learnt that the apex bank has already printed about one billion pieces of new denomination. The move to reintroduce lower denomination notes in a new design comes after the government’s plan to get rid of counterfeiting.

In August 2017, RBI introduced new Rs 50 and Rs 100 notes under the Mahatma Gandhi series. The move to reintroduce lower denomination notes in a new design was taken to discourage counterfeit notes and a less-cash economy. From 195,000 pieces in fiscal year 2008, the number of counterfeit notes increased to 632,000 pieces in 2015-16.

Prime Minister Narendra Modi-led NDA government on November 8, 2016, announced demonetisation by withdrawing Rs 1,000 and Rs 500 currency notes. The move sucked out around 86 percent of the currency in circulation or Rs 15.44 lakh crore. The Rs 1,000 notes were replaced with new Rs 2,000 notes while the Rs 500 notes were redesigned.

Show Full Article
Download The Hans India Android App or iOS App for the Latest update on your phone.
Subscribed Failed...
Subscribed Successfully...
More Stories
Top