Latest news with #MahatmaGandhi(New)Series
Mint
3 days ago
- Business
- Mint
Has RBI asked banks to stop disbursing ₹500 notes from ATMs by September? Here's the truth
The Government of India, in its official social media account for Fact-checking, shared a post dismissing a message circulating over WhatsApp that claims that the Reserve Bank of India (RBI) has asked banks across the nation to stop disbursing ₹ 500 notes from ATMs by September 2025. The government announced that the country's central bank has not issued any such information to the banks, and the ₹ 500 banknotes will continue to remain legal tender backed by the RBI. 'No such instruction has been issued by the @RBI. ₹ 500 notes will continue to be legal tender,' according to the PIB Fact Check post on the platform X. The government also warned people to avoid such 'misinformation' and requested all social media users to verify news from official sources to check their authenticity before believing or sharing it to others. 'Don't fall for such misinformation. Always verify news from official sources before believing or sharing it!' said the government in the post. A social media message has been circulating claiming that the Reserve Bank of India has ordered all banks to 'stop disbursing' ₹ 500 banknotes from all ATMs in the nation by 30 September 2025. The fake message also requested people to 'start liquidating' their current holdings of the ₹ 500 banknotes, and that going forward, people will be able to only withdraw ₹ 200 and ₹ 100 banknotes from the automatic teller machines (ATMs). 'RBI has asked all banks to stop disbursing 500% notes by 30 Sept 2025 from ATM. Target is 75% of all BANKS ATM & then 90% ATM by 31 Mar 2026. ATM going forward will disburse only ₹ 200 and ₹ 100 notes only. So start liquidating the ₹ 500 notes that you have in hand from now on,' the fake message circulating around the social media platforms. The Indian government has debunked the authenticity of this post, clearly stating that no such instruction has been given out by the central bank on this development and that the people are trying to spread misinformation. According to Mint's earlier report from May 2025, the RBI is set to release a new set of ₹ 20 banknotes bearing the signature of the new Governor, Sanjay Malhotra. However, the central bank also assured the citizens that all the earlier ₹ 20 banknotes issued by the RBI in the past will continue to hold legal tender in India. 'The Reserve Bank of India will shortly issue ₹ 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹ 20 banknotes in Mahatma Gandhi (New) Series,' said the RBI in an official statement on 17 May 2025.
The Hindu
7 days ago
- Business
- The Hindu
No proposal to introduce ₹50 coin, Finance Ministry tells Delhi High Court
The Ministry of Finance has informed the Delhi High Court that there is currently no proposal under consideration to introduce a ₹50 coin. The submission was made in response to a public interest litigation (PIL) seeking measures to make Indian currency more accessible for visually impaired citizens. In an affidavit, the Ministry said that new coin series of ₹1, ₹2, ₹5, ₹10, and ₹20 denominations were introduced in 2019 and had been specifically designed to be identifiable by visually impaired persons. However, it clarified that the introduction of a ₹50 coin is not on the table for now. The Ministry also submitted that the Reserve Bank of India (RBI) had conducted a survey in 2022 to assess the usage pattern of coins and currency notes. 'The findings revealed a preference for banknotes over coins for the ₹10 and ₹20 denominations. Survey respondents identified the weight and size of coins - particularly the similarity in size across denominations - as significant impediments to the usage of coins,' the affidavit stated. Explaining the rationale behind the Mahatma Gandhi (New) Series of banknotes introduced in 2016, the Ministry said the notes were designed with sharp colour contrast schemes to assist persons with partial visual impairment in identifying denominations. Notes of ₹100 and higher denominations include tactile features such as angular bleed lines. For example, the ₹100 note includes four angular lines in two blocks; the ₹200 note has four angular lines with two circles in between; the ₹500 note contains five angular lines in three blocks; and the now-withdrawn ₹2,000 note carried seven angular lines. However, the Ministry acknowledged that such tactile features are not present on ₹10, ₹20, and ₹50 banknotes in the new series. 'The reintroduction of intaglio [raised] printing in lower denomination notes was found to be unfeasible, as the tactile effect of such printing tends to erode more rapidly due to the high frequency of handling,' it said. The PIL, filed by advocate Rohit Dandriyal and others, had urged the government to consider issuing ₹50 coins to improve accessibility and enable ease of doing business for visually impaired persons. The petitioners cited a study they conducted that documented the difficulties faced by visually challenged individuals in distinguishing between currency denominations. The High Court had earlier directed the Ministry and the RBI to examine the design of the new currency notes and coins in light of the challenges reported by visually impaired users.
NDTV
7 days ago
- Business
- NDTV
"Public Prefers Notes Over...": Centre To Court Over Plans To Issue Rs 50 Coins
Delhi: The Central government has informed the Delhi High Court it has no plans to introduce Rs 50 coins at present, citing public preference for using banknotes over coins, especially for Rs 10 and Rs 20 denominations. A petition was filed earlier seeking issuance of Rs 50 coins to make it more accessible to the visually impaired. The petitioners said they had conducted a study on the challenges faced by visually impaired citizens due to the design of currency notes. Replying to the petition, the Department of Economic Affairs of the Union Finance Ministry said that a survey conducted by the Reserve Bank of India (RBI) had shown that the public finds it inconvenient to use coins due to their weight and similarity in sizes across denominations. The reply said: "With regard to the feasibility of introducing a Rs 50 coin, it is submitted that the RBI conducted a survey in 2022 to analyse the usage patterns of existing coins and banknotes in circulation. The findings revealed a preference for banknotes over coins for the Rs 10 and Rs 20 denominations." The survey, said RBI, indicated that the public is currently more inclined towards using banknotes rather than coins in the Rs 10 and Rs 20 denominations. "Any decision to introduce a Rs 50 coin would depend on several factors including requirement of the economy, degree of public acceptance etc., in addition to the concerns of the visually impaired persons. At present, no proposal regarding the introduction of a Rs 50 coin is under consideration by the Department," the Centre told the High Court. The petition also stated that while Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 100, Rs 200, Rs 500, and Rs 2,000 currency notes are designed to be accessible to visually impaired persons, the Rs 50 note lacks such features. Responding to the petitioners, the Centre said that identification marks in the form of raised printing are not present in the Rs 10, Rs 20 and Rs 50 denominations of the Mahatma Gandhi (New) Series. "According to the RBI, the reintroduction of intaglio printing in lower denomination notes was found to be unfeasible, as the tactile effect of such printing tends to erode more rapidly due to the high frequency of handling," the reply stated. It added that the reintroduction of intaglio printing - a printmaking technique that uses variations of scratching, cutting or incising to create images - in these denominations would largely affect the cost and efficiency of currency production. The Centre further said that RBI had launched a mobile application called MANI (Mobile Aided Note Identifier) in 2020 to aid visually impaired persons to identify the denomination of banknotes.
New Indian Express
7 days ago
- Business
- New Indian Express
No plan to introduce Rs 50 coin as people prefer banknotes, Centre tells Delhi HC
NEW DELHI: The Centre has informed the Delhi High Court it has no plans to introduce Rs 50 coin as people prefer banknotes. The submissions came in response to a PIL seeking directions to produce currency notes and coins, particularly Rs 50 and below, which would be easily identifiable by blind persons. A division bench of Chief Justice D K Upadhyaya and Justice Anish Dayal on Wednesday noted though the counter affidavit was filed with the registry, it was not on record. "Let necessary steps be taken for bringing the same on record," the bench said and adjourned the matter. The affidavit filed by under secretary in the Coin & Currency Division said, "The Reserve Bank of India conducted a survey in 2022 to analyse the usage patterns of existing coins and banknotes in circulation. The findings revealed a preference for banknotes over coins for the Rs 10 and Rs 20 denominations." The petitioner, Rohit Dandriyal, claimed to have conducted a study on the distress and inequalities faced by blind citizens due to the design of currency notes, which makes it difficult for them to distinguish different denominations. The affidavit said to ensure the accessibility and ease of identification of coins for all, including the blind, the Central government introduced a new series of coins in the denominations of one rupee, two rupees, five rupees, ten rupees, and twenty rupees in March 2019, which were specifically designed to be easily identifiable by the blind. 'With regard to the feasibility of introducing a Rs 50 coin, the RBI conducted a survey in 2022 to analyse the usage patterns of existing coins and banknotes in circulation. The findings revealed a preference for banknotes over coins for the Rs 10 and Rs 20 denominations... As indicated by the RBI's survey, the public currently shows a preference for banknotes over coins in the Rs 10 and Rs 20 denominations," the government said. The affidavit continued, "Therefore, any decision to introduce a Rs 50 coin would depend on several factors including requirement of the economy, degree of public acceptance, etc., in addition to the concerns of the visually impaired persons. At present, no proposal regarding introduction of a Rs 50 coin is under consideration by the department." It claimed that the Mahatma Gandhi (New) Series banknotes, introduced in 2016, incorporate a sharp colour contrast scheme aimed at facilitating denomination identification by individuals who are partially blind. "Banknotes of denominations Rs 100 and above contain angular bleed lines as a tactile feature to aid the visually impaired," it said. Moreover, the banknotes bear identification marks on the obverse (front) side, including raised (intaglio) printing, with distinct shapes corresponding to different denominations for the benefit of visually impaired persons, it added. "These include a horizontal rectangle for the 2000 note, a circle for the 500 note, the letter "H" as the identification mark for the 200 note, and a triangle for the 100 note. Additionally, in these denominations, the numerals indicating the value are in raised print, further aiding tactile recognition," the coin and currency division said.
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Business Standard
7 days ago
- Business
- Business Standard
No proposal to introduce ₹50 coin as public prefers notes: Centre to HC
The Centre has informed the Delhi High Court that there is currently no plan to introduce a ₹50 coin in circulation. The statement was made in response to a plea seeking directions for the issuance of such a coin, Bar and Bench reported. Citing public preference, the government said, 'With regard to the feasibility of introducing a ₹50 coin, it is submitted that the Reserve Bank of India (RBI) conducted a survey in 2022 to analyse the usage patterns of existing coins and banknotes in circulation. The findings revealed a preference for banknotes over coins for the ₹10 and ₹20 denominations.' The Union Finance Ministry's Department of Economic Affairs said that the RBI survey revealed practical issues with the use of coins. According to the reply, the size and weight of coins — and the lack of significant difference in size between denominations — made them inconvenient for daily use. It added that the introduction of any new coin depends on several factors such as the public's willingness to use it and how often it would be used in everyday transactions. 'As indicated by the Reserve Bank of India's survey, the public currently shows a preference for banknotes over coins in the ₹10 and ₹20 denominations... At present, no proposal regarding introduction of a ₹50 coin is under consideration by the department,' the government told the court. Petition highlights concerns of the visually impaired The petitioners had argued that the lack of accessible features on the ₹50 note made it difficult for visually impaired individuals to identify the denomination. They said that their study revealed the ₹50 note lacks tactile markings such as intaglio printing, unlike most other currency notes, the news report said. 'The ₹50 note does not contain any intaglio printing or tactile markings, thereby rendering it inaccessible to visually impaired individuals and leaving no effective substitute in circulation,' the plea said. RBI cites cost, durability in ruling out tactile features Responding to these concerns, the Centre said that identification features like raised printing are absent from ₹10, ₹20, and ₹50 notes in the Mahatma Gandhi (New) Series. It cited RBI's position that adding intaglio printing to these notes is not practical. 'According to the Reserve Bank of India, the reintroduction of intaglio printing in lower denomination notes was found to be unfeasible, as the tactile effect of such printing tends to erode more rapidly due to the high frequency of handling,' the Centre said. To address accessibility, the Centre said the RBI had launched a mobile application called MANI (mobile aided note identifier) in 2020. The app helps visually impaired users identify the denomination of banknotes using their mobile phones.
