RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
The Reserve Bank of India will soon issue new notes of Rs.50 and Rs.20. The new Rs.20 note will bear signature of Dr Urjit R Patel, Governor of RBI and the year of printing ‘2016’ printed on the reverse of banknote with the inset letter ‘L’ while the new Rs.50 note will be without the inset letter, the Union government stated on Sunday.
The design and security features will be similar to the old notes of the same denomination. However, old notes will continue to be legal and valid.
The move comes in less than a month after the government’s shocking move of scrapping Rs.500 and Rs.1,000 notes in a bid to curb black money. While protests by the opposition continues against Prime Minister Narendra Modi’s demonetisation move, the government has already rolled out yet another new development.
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