On Wednesday, the Reserve Bank of India announced that it will soon issue Rs 50 denomination banknotes featuring the signature of Governor Sanjay Malhotra. Malhotra took office in December 2024, succeeding Shaktikanta Das, who completed his extended term. The RBI clarified that the design of the new note will not differ significantly from the current one. Additionally, the existing Rs 50 notes will continue to remain in circulation.
What Will Happen To The Old Notes
According to the statement, all banknotes in the denomination of Rs 50 issued by the Reserve Bank in the past will continue to be legal tender. It is just a normal procedure for the Reserve Bank of India to issue new versions of currency notes. The special thing about this time is that it will bear the signature of Sanjay Malhotra.
As part of its routine currency management, the RBI is set to issue ₹50 banknotes signed by Sanjay Malhotra. The central bank plays a crucial role in maintaining the stability and efficiency of India’s monetary system, ensuring that the design and legitimacy of the country’s currency remain consistent.
A Look Back To Rs 2,000 Note Discontinuation
It’s been over a year and a half since the Rs 2000 notes were discontinued in India, yet a significant amount of these notes—worth thousands of crores—are still in circulation. The RBI recently shared an update, revealing that by January 31, 2025, 98.15% of the Rs 2000 notes have been returned to the banking system. However, notes worth ₹6,577 crore remain in people’s hands. As of December 31, 2024, ₹6,691 crore worth of Rs 2000 notes were still in the market. To recap, on May 19, 2023, the RBI announced the withdrawal of ₹2000 notes as part of its clean note policy.
