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Why the just announced Rs 50 currency note may just freak you out

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DailyBite
DailyBiteAug 18, 2017 | 22:37

Why the just announced Rs 50 currency note may just freak you out

The Reserve Bank of India has pulled one more rabbit out of the hat. This time it's a fluorescent blue Rs 50 currency note, with an incredible Hampi motif on the reverse side as a nod to India's syncretic past. After the recent announcement from the RBI of an imminent Rs 200 note, the fresh notice of a new Rs 50 currency note - that too is psychedelic blue - has actually been met with the usual amused resignation.

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The Rs 50 denomination banknotes in the Mahatma Gandhi (new) series will bear the signatures of RBI governor Urjit R Patel, as per the RBI press release today. The dimension will be 66mm by 135mm, and will have geometric patterns on both the obverse and the reverse sides.

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As per the Economic Times, the salient features of the Rs 50 denomination will be as follows:

Obverse

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1. See through register with denominational numeral 50. 2. Denominational numeral in Devnagari.

3. Portrait of Mahatma Gandhi at the centre.

4. Micro letters 'RBI', BHARAT in Devnagri, 'INDIA' and '50'.

5. Windowed demetalised security thread with inscriptions 'BHARAT' in Devnagri and RBI.

6. Guarantee Clause, Governor's signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait.

7. Ashoka Pillar emblem on the right.

8. Mahatma Gandhi portrait and electrotype (50) watermarks.

9. Number panel with numerals growing from small to big on the top left side and bottom right side.

Reverse

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1. Year of printing of the note on the left.

2. Swachh Bharat logo with slogan.

3. Language panel.

4. Motif of Hampi with Chariot.

5. Denominational numeral 50 in Devnagari.

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Old notes will be legal tender

All the Rs 50 banknotes issued by RBI in the earlier series will continue to be legal tender. This would mean that both the old notes and the new notes will be in circulation once the new batch comes in. Moreover, the security features of the new notes will be similar to the old tender.

The RBI had last December said that it would bring in both Rs 20 and Rs 50 in new patterns.

The RBI had then said: "The Reserve Bank will shortly issue Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing 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 new Rs 50 note, however, would be in the interest of easing circulation and having more loose change in cash in the system. After the "pink note" of Rs 2,000 was launched in November 2016, it became extremely difficult for people to actually go around using the high-denomination note for everyday regular transactions. There were constant complaints of cash crunch and even ATMs were not exactly configured as per the new smaller notes.

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Keeping the post-demonetisation woes in mind, the RBI had announced the smaller configurations, including the yet-to-be-printed Rs 200 note. It seems the government is slowly and steadily trying to fix some of the reckless decisions it had taken last year.

But the fix is going to come in wrapped in fluorescent blue. Freaky, but true.

Last updated: August 18, 2017 | 22:37
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