RBI clarifies “No such proposal in the Reserve Bank” for changing existing currency and banknotes

RBI clarifies that no changes are expected to the current banknotes in circulation and the rumours in the media should not be considered.

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On Sunday, 5 June 2022 speculations were made regarding the change in the Banknotes that are in circulation. It was said that one of Bengal’s pride Rabindranath Tagore and the Missile Man of India,  A.P.J. Abdul Kalam were supposed to be side by side or rather replace Mahatama Gandhi’s image on the banknotes. 

In this regard, the RBI has issued a clarification. “There are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others. It may be noted that there is no such proposal in the Reserve Bank.” Said Yogesh Dayal, Chief General Manager. 

The speculations made also stated that the Finance Ministry. And the Reserve Bank were considering using the hologram figure of Tagore and Kalam. In some of the denominations of the banknotes. 

This was the first time that the RBI was considering using the images of two great personalities of the country. 

The RBI and the Finance Ministry’s Security Printing and Minting Corporation of India (SPMCIL) were said to have sent two separate sets of Gandhi, Tagore, and Kalam watermark samples. Moreover, to IIT-Delhi Emeritus Professor Dilip T Shahani. Who was told to pick one of the two sets and present it to the government for final consideration. 

Before the clarification issued by the RBI, it was also reported that the acceptance of the watermark samples was to be taken at the highest level as informed by a government source. 

Further details are still awaited.