The Reserve Bank of India (RBI) will soon release the new Rs.10 notes in chocolate brown colour. As per the reports, around 1 billion pieces of the new Rs.10 notes have already been printed by the Bank. The picture of Konark Sun temple will also be seen on the new chocolate brown notes. Government is issuing new notes in all denominations since the demonetization in order to obtain certain objectives.
RBI issues New Low Denomination Notes to Check Counterfeiting
Earlier, in the year 2005, a change was made in the design of the Rs.10 note. The RBI also issued the Rs.50 and Rs.200 new notes in August last year. The RBIs move to introduce new lower denomination notes is a part of the government’s initiative to fight counterfeiting of existing currency. Also, the RBI is helping the government to promote the cashless economy in the country.
Earlier also, the Central Bank has taken steps against the counterfeiting of currency and promoting the cashless transactions in the country. As per the available data, the digital transactions have increased by almost 80 percent in the year 2017-18. The value of digital payments was Rs.1000 crore until October 2017.
Rs.2000 Notes Disappearing from Circulation
Last month there were various rumours that RBI has stopped the printing of Rs.2000 notes. Also, some rumours reported that the Central bank may have held back the high denomination notes. However, the actual reason for the disappearance of the Rs.2000 notes is not yet clear nor the government or RBI has issued any clarification regarding the matter. The Reserve Bank of India initially printed the higher denomination notes in ample amount to normalise the cash crunch during the demonetisation. Now, as the liquidity situation is normal and considering the problems in small transactions RBI might have decreased the amount of Rs.2000 notes from circulation.
Now the Central Bank is promoting the use of smaller denomination notes to maintain the liquidity situation and promote the cashless economy. The government aims to promote the digital payments for high value transactions. This is the possible reason for introducing the new Rs.10, Rs.50 and Rs.200 notes in circulation.
Source: Financial Express