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Business India

RBI to issue new Rs 100 note in lavender colour soon

It is time for the Rs 100 note to get a makeover now. The Reserve Bank of India (RBI) is going to issue a new Rs 100 denomination banknote soon which would have lavender colour as base.

The RBI in a press release said that the new Rs 100 notes will be issued in the Mahatma Gandhi (New) Series and bear the signature of Governor Urjit Patel.

The older Rs 100 notes will, however, continue to be legal, it said.

“The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage,” the RBI said.

The dimension of the banknote will be 66 mm × 142 mm which will be in proportion with the other new notes released last year.

In August 2017, new Rs 50 and Rs 200 notes were introduced in the Mahatma Gandhi series. In order to get rid of counterfeiting and promote a less-cash economy, the move to reintroduce lower denomination notes in a new design was made.

On November 8, 2017, Prime Minister Narendra Modi announced that on the stroke of midnight, all 500 and 1,000 rupee notes – 86 per cent of the currency in circulation – would cease to become legal tender.

Up to that point, upwards of 95 per cent of all transactions in India were conducted in cash and 90 per cent of vendors didn’t have the means to accept anything. On top of this, 85 per cent of workers were paid exclusively in cash and almost half of the population didn’t even have bank accounts.

Demonetisation proved to be a major disruption in the Indian economy and brought great hardship to people who spent hours in the serpentine queue to get Rs 500 and Rs 1,000 notes exchanged or deposited in their bank accounts.

The RBI said in its Annual Report for 2016-17 that 99 per cent of the junked Rs 500 and 1,000 notes were returned to the banking system. This led many, including Opposition leaders, questioning the very logic of demonetisation.

 

 

News credit : Indiatoday

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