New Rs 10 Currency Note in Chocolate Brown Colour to be Issued by RBI
In August 2017, RBI introduced new designs of Rs 200 and Rs 50 bank notes under Mahatma Gandhi New Series.
The Reserve Bank of India (RBI) is set to issue new Rs 10 notes. The current Orange-violet coloured currency will be replaced by chocolate brown colour under the Mahatma Gandhi series. The new note will bear the picture of Konark Sun Temple. According to reports, the central bank has already printed around 1 billion pieces of the new Rs 10 note after getting an approval on the design previous week. The last time changes were incorporated in Indian 10-rupee note design was in 2005.
Rs 10 note is the fifth denomination to be redesigned since Prime Minister Narendra Modi announced demonetization on November 8, 2016. He declared all existing Rs 1000 and Rs 500 -- 86 percent of the currency in circulation -- to be an illegal tender. This along with the announcement on introducing a new denomination of Rs 2000 was taken to get rid of counterfeiting. The magenta coloured note is the highest currency note printed by RBI.
While the Rs 1000 tender became entirely defunct, Rs 500 was re-introduced with a new design. It is a stone grey coloured banknote under the Mahatma Gandhi New Series. According to information provided by the Finance Ministry in Lok Sabha, RBI has printed 16.96 billion pieces of Rs 500 notes and 3.6 billion pieces of Rs 2000 notes as on 8 December. The value of this adds up to Rs 15.79 trillion, which has grown to Rs 16.71 trillion by December 22.
In August 2017, RBI introduced new designs of Rs 200 and Rs 50 bank notes under Mahatma Gandhi New Series. The new Rs 200 note has the base colour of bright yellow. Despite being introduced for months, it is yet to be easily available to the general public. RBI has ordered banks to recalibrate ATMs to ensure more Rs. 200 denomination notes are dispensed. The move is going to cost the banking industry Rs 110 crore.
Demonetisation drive has been a debated move, however, the government branded it as a method to curb corruption and fight counterfeiting. After RBI in its Annual Report for 2016-17 claimed the 99 percent of the defunct Rs 500 and 1,000 currency notes to return to the banking system, both experts and the public questioned the point behind the big step.
(The above story first appeared on LatestLY on Jan 04, 2018 10:17 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).