RBI to issue new ₹10 notes in chocolate brown colour

RBI has already printed around 1 billion pieces of the new 10 note with chocolate brown background bearing the picture of Konark Sun Temple

Gopika Gopakumar
Updated4 Jan 2018, 04:52 AM IST
The change in design in the old Rs 10 note was last made in 2005. Photo: iStockphoto
The change in design in the old Rs 10 note was last made in 2005. Photo: iStockphoto

Mumbai: The Reserve Bank of India (RBI) will shortly issue new 10 notes under the Mahatma Gandhi series. The central bank has already printed around 1 billion pieces of the new 10 note, according to three people familiar with the matter. With chocolate brown colour as the base, the new note will bear the picture of Konark Sun Temple.

The design received the go-ahead from the government last week, said the two of the people cited earlier. The change in design in the old 10 note was last made in 2005. In August last year, RBI had introduced the new 200 and 50 notes under the Mahatma Gandhi series. An RBI spokesperson declined to comment.

The move to reintroduce lower denomination notes in a new design comes after the government’s move to rework the currency mix in order to combat counterfeiting and promote a less-cash economy.

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

RBI has printed 16.96 billion pieces of 500 notes and 3.6 billion pieces of 2000 notes as on 8 December, according to information given by the finance ministry in Lok Sabha. The total value of such notes translates into 15.79 trillion.

Separately, the regulator had also reissued around 12 billion soiled banknotes of 10, 20 and 50 denomination after the demonetisation resulted in a currency crunch. According to RBI, a soiled note is a currency note which has become dirty due to normal wear and tear.

RBI data show currency in circulation was 16.71 trillion as on 22 December. This is about 94.4% of the 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 higher infusion of banknotes of lower denomination following demonetisation. 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 fiscal year 2008, the number of counterfeit notes increased to 632,000 pieces in 2015-16.

“The idea is to increase supply of lower denomination to encourage day to day transactions and for larger transactions, people should move to digital mode of payment. Printing of lower denomination notes in new design will ensure soiled notes will be taken out from the system,” said Soumya Kanti Ghosh, group chief economic adviser at State Bank of India. 

RBI has still not finished counting the old 500 and 1000 notes after demonetisation.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeindustrybankingRBI to issue new ₹10 notes in chocolate brown colour

Most Active Stocks

Bharat Electronics

317.35
10:29 AM | 4 JUL 2024
2.8 (0.89%)

Godrej Consumer Products

1,366.05
09:59 AM | 4 JUL 2024
-1 (-0.07%)

Indian Oil Corporation

170.10
10:27 AM | 4 JUL 2024
0.8 (0.47%)

GAIL India

219.05
10:27 AM | 4 JUL 2024
-1.15 (-0.52%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Garden Reach Shipbuilders & Engineers

2,670.00
10:25 AM | 4 JUL 2024
212.5 (8.65%)

Lupin

1,760.30
10:25 AM | 4 JUL 2024
129.5 (7.94%)

Housing & Urban Development Corporation

324.95
10:28 AM | 4 JUL 2024
23.1 (7.65%)

Concord Biotech

1,713.15
10:21 AM | 4 JUL 2024
121.75 (7.65%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,959.00188.00
    Chennai
    73,671.00-315.00
    Delhi
    73,671.00760.00
    Kolkata
    74,248.001,337.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L-0.22
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumMint Shorts