RBI Is All Set To Release New 100 Rs Notes, Old Notes Will Be Continued

Saicharan Palakurthi

Following the introduction of new 20 and 50 rupee notes, Reserve Bank of India (RBI) now announced the release of new 100 rupee notes.

Similar to the announcement on low denomination notes, the old denominations of rs 100 will be in legal tender, the notification added.

The statement released by the Central Bank said that”The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the numbering panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing ‘2016’ printed on the reverse of the banknote.”

The statement further said that the design and outlay of the new 100 rupee notes will be mostly same to the 2005 Mahatma Gandhi series that carries ascending size of numerals in the number panels, bleed lines, and enlarged identification mark, on the obverse.

Soon after the announcement of demonetization by GOI, banks are reportedly running short of cash due to the shortage of the new Rs 500 and Rs 2000 notes.

Certain reports claim that consumers and traders are hoarding currency notes available with them and not backing the same to circulation.

Recent reports say that of the total currency received by the banks in Rs 20, Rs 50, Rs 100 and Rs 2,000 denominations, only an estimated 16 percent of the total are Rs 100 notes.

Meanwhile, the Rs 100 notes that have been distributed largely via ATMs will get over very soon, and it is reportedly very hard to get changes for the new Rs 500 and Rs 2000 in Rs 100 notes.

Considering these conditions, therefore, the Reserve Bank has decided to issue new Rs 100 banknotes which could be a major relief for the public.

Explaining about the old Rs 100 notes, the Reserve Bank of India that it “The old banknotes will remain in circulation concomitantly with the bank notes being issued now.”

Earlier on Sunday, the RBI also announced that it will shortly issue new Rs 20 and Rs 50 banknotes in the Mahatma Gandhi Series-2005, without an inset letter in both the number panels.

RBI also clarified that the old Rs 20 and Rs 50 notes would continue to be legal tenders

 


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