The Reserve Bank of India (RBI) on Friday announced that it will issue new notes of Rs 10 and Rs 500 under the Mahatma Gandhi (New) series. These notes will bear the signature of the new RBI Governor, Sanjay Malhotra. However, their design will remain completely similar to the Mahatma Gandhi (New) series notes already in circulation.
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Old notes will remain valid
The RBI has made it clear that despite the release of new notes, the already circulating notes of Rs 10 and Rs 500 will remain valid. That is, there is no need for people to change the old notes or consider them invalid. This step has been taken to keep the cash supply balanced and maintain stability in the economy.
New notes have been issued earlier as well
Earlier, the Reserve Bank had issued Rs 100 and Rs 200 notes last month with the signature of Governor Sanjay Malhotra. Sanjay Malhotra took over as RBI Governor in December 2024. He replaced Shaktikanta Das, who held the post for six years.
Regular process of issuing notes
Experts believe that issuing notes bearing the signature of a new governor is a regular and traditional process. Whenever a new governor takes charge, notes bearing his signature are gradually introduced in the market so that the cash system keeps running smoothly.
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New guidelines for foreign trade
Meanwhile, the RBI has also issued new draft regulations and guidelines for export and import under the Foreign Exchange Management Act (FEMA). It aims to simplify the trading process and incorporate all the rules in a single document. Also, the process of transactions related to export-import for authorised dealers will be clearly defined.