The introduction of new currency notes has always been the point of regular discussion in recent times. There have been talks, foretelling and speculations of new currency notes by the experts. The Modi Government has cleared its intentions from the very beginning to fight against black money and restore the capital that has been evaded in the past sixty years. Last year in the November, the Government of India took a major step by demonetizing the currencies. The old currencies of Rs. 500 and Rs. 1000 became obsolete. This step was also undertaken to recover the black money.
Latest Development- Confirmation by the RBI in public domain
India’s central bank, the RBI is going to introduce new currencies of 50 denomination. Many of the images of the rupees 50 note has been leaked and are being shared among the social media networks. It was but not confirmed by the central bank. But the Reserve Bank of India issued a statement in the public domain. The RBI said that it is all set to release the new 50 rupees currency.
Need and urge of introduction
Earlier before the monetization, the Rs. 10, Rs. 20, Rs. 100, Rs. 500 and Rs. 1000 were printed on similar paper. The size of the currency used to also increase with the increase in the value. So, there was a way one could identify the value of currencies just by looking at the size. The Rs. 500 and the Rs. 2000 note issued after the demonetization had enormous difference from the old notes. They varied in everything from look and feel to the texture. Now, it becomes little important to maintain a homogeneity between the currencies. If the new currencies give different look and feel and has different texture, then it becomes important to change the old currencies. The Reserve Bank will slowly try to do this. And the introduction of 50-rupee note is just the beginning of this process.
Look and feel
The images are being shared on the social media platforms. The images reveal the change in texture and color of the currencies. The new currency will be bluish in color. The RBI clarified in the public domain that the base color of the note is florescent blue. As the other currencies, the new note of Rs. 50 will also have the photo of the father of the nation, Mahatma Gandhi. Like the previous currencies, Gandhiji’s photo will be there at the front. However, on the back side of the currency, things will change. The currency has geometric designs, beside the whole color scheme, which makes it look more attractive and new. The Reserve Bank of India said that the currency has the motif of Hampi with chariot, in the reverse direction. It describes the rich heritage of the country embossed with culture and traditions. The 50-rupee currency will have the signature of Reserve Bank of India Governor, Urjit R Patel.
- There will be a see-through register with denominational numeral 50.
- The number, 50, will be written in Devanagari as well.
- As it is a note of Mahatma Gandhi series, the photo of Mahatma Gandhi will be there at the center in front.
- There will be micro letters ‘RBI’, ‘INDIA’, and the word ‘Bharat’ written in Devnagari script.
- The new currency of 50 will have windowed demetalized security thread with inscriptions of “RBI” and the word “Bharat” in Devanagari.
- Like the previous note of 50, this currency will also have “Guarantee Clause”, Governor’s signature, Promise Clause and the RBI emblem.
- There are legal provisions against counterfeiting the note. The person found doing so can be offended under sections 489A to 489E of the IPC.
- The new 50-notes are going through several security checks.
- Especially for the visually impaired people, there will be a raised printing of Ashoka Pillar and Mahatma Gandhi in the new notes.
- On the right, the currency has Ashoka pillar.
- It also has watermarks of 50.
- The year of printing of the note is there on the left.
- There has been an addition of the Swachh Bharat logo at the back.
- On the back side, there is also Motif of Hampi with Chariot.
- Other than the front in the back also there is the number 50 is written in Devnagari language.
What about the old 50-rupee currency?
The Reserve Bank of India told the media that the old currency of rupees 50 will continue to be legal. Even after the introduction of the new 50-rupee note, the old 50-rupee note will be acceptable but once it reaches the Reserve Bank of India, it won’t be circulated again.