The Reserve Bank of India will soon issue new Rs 10 currency notes with improved security features, the central bank said on Thursday. However, the RBI clarified that the old notes will still be valid.
Among the many new features, the notes will bear the year of printing, 2017, on the reverse side. “The Reserve Bank of India will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi Series-2005 with inset letter ‘L’ in both the number panels, bearing the signature of Urjit R Patel, Governor, Reserve Bank of India,” read a statement issued by the RBI. The numbers on both the panels will be in ascending size from left to right.
This comes four months after Prime Minister Narendra Modi demonetised Rs 500 and Rs 1,000 notes, which made up 86% of the currency in circulation at the time. The government had argued that the move would help smoke out those hoarding black money. It has since said that the decision would also push India towards becoming a cashless economy. The move has been widely criticised by the Opposition and economists across the world.