There was speculation in the media that Rabindranath Tagore and APJ Abdul Kalam might soon replace Mahatma Gandhi on banknotes. The finance ministry and the Reserve Bank of India (RBI) were considering putting Tagore and Kalam’s watermark data on a new series. of banknotes of various denominations. Now, RBI has issued an official statement to quash the speculations. According to the RBI, there is “no such proposal” to replace Mahatma Gandhi’s face with someone else’s.
“There are reports in certain sections of the media that the Reserve Bank of India is contemplating a change by changing the face of the existing currency and banknotes. Mahatma Gandhi with others. It may be noted that there is no such proposal in the Reserve Bank.” reserve Bank of India has been notified.
Various news outlets, citing government sources, suggested that the design of the three watermark samples had received official approval, despite the fact that no final decision had been taken. It was also claimed that plans were being made to investigate the possibility of adding multiple numeral watermarks on banknotes.
It is common for the US dollar to use various illustrations on banknotes. Some of the founding fathers of the United States, including some 19th-century presidents, including George Washington, Benjamin Franklin, Thomas Jefferson, Andrew Jackson, Alexander Hamilton, and Abraham Lincoln, can be found on various denominations of the US dollar.
Meanwhile, all eyes are on the RBI’s Monetary Policy Committee (MPC) report. According to a Mint poll of economists, the RBI is likely to increase the repo rate by 50 basis points and increase the cash reserve ratio (CRR). The central bank also raised the CRR by 50 basis points to 4% during its May meeting.
“Given the Central Bank’s willingness to indicate that inflation management is critical to its policy objectives, we believe” RBI syllabus and took it up to 4.90% in June, increasing the repo rate by 50 bps. We expect the decision to be unanimous, and the bank expects to raise its inflation forecasts and lower its growth projections for FY22-23, said Rahul Bajoria, chief economist at Barclays Bank.