RBI to issue new Rs. 5, Rs. 10 coins

Today, the RBI will launch brand new currency notes of Rs. 500 and Rs. 2000.

Pursuant to the invalidation of Rs. 500 and Rs. 1000 notes, banks and ATMs were closed to the public to withdraw old notes from ATMs.

RBI announced banks will remain open to the public the coming weekend to facilitate exchange of defunct currency bills.

The newest Rs. 500 banknote will have additional security features making it much more difficult to be counterfeited.

The new note's colour will be stone grey and its new theme will be that of the Red Fort on reverse.

Its size will vary from the older notes and the position of Gandhiji's portrait will differ.

It's also visually-impaired friendly.

For the first time ever, RBI will introduce Rs 2,000 notes.

These are believed to be magenta in colour and its theme is 'Mangalayaan' which is embossed on the reverse.

The Mangalayaan motif is to depict India's first venture in interplanetary space.

The higher value currency notes will likely have geometric patterns in sync with the overall colour scheme.

The RBI has stated that it will soon issue new Rs. 10 notes with enhanced security features.

The new notes will feature the letter 'L' on both number panels, and will bear Urjit Patel's signature. The year of printing will be on the back and numerals will be ascending in size, except the first 3.

All old Rs.10 notes will continue to be valid.

Sources said that the RBI will soon conduct field trials of plastic Rs. 10 notes that are expected to be more durable than their paper counterparts.

Minister of State for Finance Arjun Ram Meghwal said "it has been decided" that the field trials will commence at five locations of the country.

However details of when and where this would take place were not given.

Media reports have indicated that the RBI has given its approval for the printing of Rs. 200 notes.

According to reports the printing of notes would commence after June 2017. The RBI's Central Board had reportedly approved the proposal in March 2017. The Centre also has to approve the denomination.

If approved, this would be the second new denomination introduced by the RBI.

The RBI will issue new Rs. 5 and Rs. 10 coins on the occasion of the 150th anniversary of Allahabad HC, and 125th year of the National Archives of India respectively.

While the Rs. 5 coin would have an image of the Allahabad HC, the other would portray the National Archives Building.

The current coins would also continue to remain legal tender.