Soon, a new currency note of Rs. 20 denomination will be introduced in the market. The Reserve Bank of India (RBI) would soon introduce the new 20-rupee bank note, news agency Press Trust of India reported on Tuesday, citing a central bank document.
The launch of the new Rs. 20 note will mark the latest addition to the new currency introduced by the RBI after the shock move to withdraw the bank notes of Rs. 500 and Rs. 1,000 denominations in November 2016.
Here are 10 things to know:
- The new 20-rupee note will have additional features compared with the existing currency note, Press Trust of India reported.
- The central bank has already replaced the Rs 10, Rs 50, Rs 100, and Rs 500 currency notes, and introduced denominations Rs 200 and Rs 2,000.
- Since the notes ban in 2016, a surprise move by the government which led to withdrawal of 86 per cent of the country’s banknotes from circulation overnight, the central bank has launched currency notes under the Mahatma Gandhi (New) series.
- The new notes, under the Mahatma Gandhi (New) series, are different in size and design compared to the notes issued previously.
- All other currency notes, except for the banned Rs 500 and Rs 1,000 issued under the old series, continue to remain legal tender.
- There are 492 crore pieces of the existing Rs 20 note in circulation, as of March 31, 2016, Press Trust of India reported citing RBI data.
- The number more than doubled to about 1,000 crore pieces by March 2018, according to the agency.
- The Rs 20 notes accounted for 9.8 per cent of the total number of currency notes in circulation at the end of March 2018.
- The central bank had in July last year announced launch of 20-rupee bank notes in the Mahatma Gandhi series 2005.
- These notes were similar to the design of the notes of same denomination in circulation at the time, and bore the signature of the then central bank governor Urjit R Patel.