The Reserve Bank of India (RBI) has announced that it will issue new Rs 10 and Rs 500 banknotes under the Mahatma Gandhi (New) Series. According to an official statement, the new banknotes will be introduced into circulation shortly.
What’s New
Sanjay Malhotra, who became the current governor of the RBI in December 2024, will sign the upgraded Rs. 10 and Rs. 500 banknotes. Issuing banknotes with the new governor’s signature is a standard practice by the central bank. There are no modifications in the design, colour, size, or security features of the notes.
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What Happens to Existing Notes
The RBI has stated that all previous Rs 10 and Rs 500 banknotes printed under the Mahatma Gandhi (New) Series will be legal tender. Since both the freshly issued and old notes would be accepted for regular transactions there is no need to exchange the current notes. The move is a routine administrative update and does not affect the usability of older notes.
Just last month, the RBI announced the introduction of new Rs 100 and Rs 200 banknotes as part of the same series, also bearing Governor Malhotra’s signature. This is in line with the RBI’s periodic updates to currency notes following the appointment of a new governor.
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Sanjay Malhotra, an IAS officer from the Rajasthan cadre, became the 26th Governor of the RBI, succeeding Shaktikanta Das. His three-year term began in December 2024. As the Reserve Bank of India marked its 90th anniversary on April 1, he highlighted its renewed focus on customer-centric banking. Malhotra emphasised the RBI's role in maintaining consumer trust and transparency, he said: "We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection."
