New 10 Rupee Notes Will be in Chocolate Coloured:RBI

New 10 Rupee Notes design was approved by the government last week. The change in design in the old  10 rupee note was last made in 2005.

The Reserve Bank of India (RBI) is going to issue new  10 rupee notes under the Mahatma Gandhi series with Chocolate brown color as the base. The new note will be the picture of Konark Sun Temple.

The move to reintroduce lower denomination notes in a new design comes after the government’s plan to get rid of counterfeiting.

On 8 November 2016, the government announced demonstration to withdraw Rs 1,000 and Rs 500 currency notes, amounting to around 86% of the currency in circulation of Rs 17.9 trillion. Since the Reserve Bank of India has replaced these with the new Rs 2000 notes and redesigned Rs 500 notes.

RBI has printed 16.96 billion pieces of 500 rupee notes and 3.6 billion pieces of Rs 2,000notes as on December 8, according to information given by the finance ministry in Lok Sabha. The total value of such notes translated into Rs 15.79 trillion.

Reserve bank show currency in circulation was Rs 16071 trillion as on December 22. This is about 94.4% of the Rs 17.7 trillion that was in circulation on 4 November 2016.

RBI’s annual report for fiscal 2016-17 also showed that the volume of banknotes increased by 11.1% mainly due to the higher infusion of banknotes of lower denomination following demonization. The government’s rationale behind the move is to check fake notes which had seen a significant jump since 2008. From 195,000 pieces in the fiscal year 2008, the number of counterfeit notes increased to 632,000 pieces in 2005-16.

Source: NEWS18

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