The newest currency to get a makeover is the Rs 10 note. The Reserve Bank of India (RBI) is going to issue new Rs 10 currency notes under the Mahatma Gandhi series. The notes with chocolate brown colour as the base will bear the picture of the Konark Sun Temple. The changes in design was approved last week. Changes in design in Rs 10 notes were made in 2005, according to News18.
In August 2017, the RBI had introduced new Rs 50 and Rs 100 notes under the Mahatma Gandhi series. The move to reintroduce lower denomination notes in a new design was taken to discourage counterfeit notes and a less-cash economy. From 195,000 pieces in fiscal year 2008, the number of counterfeit notes increased to 632,000 pieces in 2015-16.
On 8 November, 2018 demonetisation was announced by Prime Minister Narendra Modi with the withdrawal of Rs 1,000 and Rs 500 currency notes. The move sucked out around 86 percent of the currency in circulation or Rs 15.44 lakh crore. The Rs 1,000 notes were replaced with new Rs 2,000 notes while the Rs 500 notes were redesigned.
RBI has printed 16.96 billion pieces of Rs 500 notes and 3.6 billion pieces of Rs 2,000 notes as on December 8, according to information given by the finance ministry in Lok Sabha. The total value of the notes amounts to Rs 15.79 trillion.
Currency in circulation was Rs 16.71 trillion as on December 22, according to RBI. This is about 94.4 percent of the Rs 17.7 trillion that was in circulation on 4 November 2016.
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