RBI to issue Rs 50 notes with inset letter 'L' and Governor Urjit Patel's signature

The Reserve Bank of India (RBI) on Monday said that it will shortly issue Rs 50 denomination notes with inset letter ‘L’ in both the number panels and signature of RBI Governor Urjit Patel.

Earlier on Monday, the RBI had said that banks can’t turn away customers depositing pre-2005 currency notes, including the junked 500 and 1,000 rupee bills.

In a clarification, the RBI said these specified bank notes (SBNs) would also include pre-2005 banknotes in the denominations of Rs 500 and Rs 1,000.

With effect from November 9, 2016, banknotes of Rs 500 and Rs 1,000 were delegalised by the government with the aim to discourage black money hoarders as well as to bring a majority of the unaccounted money into the formal channel of banking.

(With inputs from agencies)