Rs 10, 20 and 50 currency notes to be banned soon-Modi Government

November 10, 2016

While the whole India is trying to deposite or exchange their Rs 1000 & 500 currency notes, Modi govt today announced to ban Rs 10,20 and 50 notes too.

Rs 10 and 20 currency notes

 

PM Modi had revealed late on Tuesday that he had banned the Rs 500 and Rs 1,000 notes with immediate effect. He had said that people will be allowed to exchange these in banks. While a new Rs 500 note has already been distributed, the Rs 1,000 note will disappear. He had also announced the entry of a new Rs 2,000 denomination note.

 

shaktikanta-das

Speaking to the media, Shaktikanta Das, Department of Economic Affairs (DEA) Secretary revealed what the government has on its mind today and said that they will not resemble the old ones in any aspect. He said, “In a few months, new color combination, new dimension and design 1000 rupee notes will be released.” Das added, “Process was on for the last few months; only 2-3 people in RBI were involved in designing of notes.”

 

Financial revolution of currency notes in India:

The NDA government’s plans to alter in one form or the other all currency now existing in the country was also revealed at the media meet by the DEA. He said, “All denomination of notes (Rs 10, Rs 20, Rs 50) will be reintroduced with new design and new features. From time to time, new series of notes with new features and designs will be infused in the market.”

 

Earlier, FM Arun Jaitley had sought to calm the rising frustration amongst people thronging banks to change their old high denomination currency notes by saying, “”There will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run. Banking dept & RBI has taken some measures & extended their working hours, banks will be open on weekends as well. We are trying to ensure at the earliest requisite replacement currency is available to people; believe that no need to rush in initial days.”

 

Source credit: Finacial Express

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