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  Business   Economy  06 Dec 2016  RBI to issue new Rs 100 denomination banknotes

RBI to issue new Rs 100 denomination banknotes

DECCAN CHRONICLE
Published : Dec 6, 2016, 5:56 pm IST
Updated : Dec 7, 2016, 1:20 pm IST

Central bank says old Rs 100 notes presently in circulation will not lose their legal tender status.

The Reserve Bank of India logo.
 The Reserve Bank of India logo.

Mumbai: The Reserve Bank of India on Tuesday said it will shortly issue Rs 100 denomination banknotes in the Mahatma Gandhi series 2005 without inset letter.

The development comes days after the central bank announced it will issue new Rs 50 and Rs 20 banknotes in the same Mahatma Gandhi series 2005.

 

“The design of these banknotes to be issued now is similar in all respects to the Rs 100 banknotes issued earlier having ascending size of numerals in the number panels, bleed lines, and enlarged identification mark, on the obverse,” RBI said in a press statement.

With this, the legal tender status of Rs 100 notes presently in circulation will not cease to exist. “All the banknotes in the denomination of Rs 100 issued by the RBI in the past will continue to be legal tender,” RBI said.

The central bank has been trying hard to meet country's massive cash demand in the aftermath of demonetisation of Rs 500 and Rs 1,000 denomination notes on November 8. Since then the country has faced severe cash crunch as these two notes constituted a huge 86 per cent of total currency in circulation.

 

Tags: rbi, demonetisation, rs 100 notes, legal tender
Location: India, Maharashtra, Mumbai (Bombay)