After PM Modi took the office of the Prime Minister of India, the politics embroiled with a lot of controversies and confusion. The financial reforms like demonetization, GST, linking of PAN card and Aadhar card, created ripples in the economic sector and even the greengrocer selling the vegetables was affected by this bold move. And now the rumor mills are abuzz that the Indian government is planning to roll out the second phase of demonetization wherein it will phase out old 50 Rupee notes and issue the new ones. Let’s have look at the news in detail:
After giving farewell to 500 and 1000 denomination, it seems the government has tightened its seat belt to replace the smaller denomination notes as well. The center on Thursday confirmed that the life span of Indian 50 rupee note is in danger because the government is going to incorporate new security features and design.
Pictures leaked for new 50 rupee note
The Reserve Bank of India has confirmed that it will issue new Indian Rupee notes for 20 and 50 with the ascending numerals in the number panels devoid of intaglio printing. The images for the same has been already viral on the internet.
“The Reserve Bank of India will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘L’ 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,” RBI said in a statement.
Is this a sudden move?
The Reserve Bank of India has not taken a sudden decision because it is believed that now the smaller denomination notes run the risk of being counterfeited.
“There are new security features in 500 and 2000 notes and those notes have not been compromised so far, but smaller denomination notes are being pushed by unscrupulous elements.”
A recent NIA report stated Pakistan and other neighboring states from where the racket of fake currency operates are now focusing on printing small denomination notes. Focusing on the mounting pressure, the Indian government has finally decided to roll out new bank notes.
Can we consider it as continuation of 2016 Indian banknote demonetization?
Well, though one school of thought confirms that from now on Rs 20 and Rs 50 notes won’t be accepted as a legal tender but the sources confirm the reverse. But there are reports that a few banks in Bangalore have refused to accept the old notes issued before 2005. A few shopkeepers are also refusing to accept it.
And, once again we are trapped and wrapped badly in the confusion. In the end, we would like to conclude though these financial reforms are bringing stability in the economic sector but the masses, in general, are suffering. So, we urge our dear PM to clear out the air surrounding it.