A new family of seven banknotes 1998 comprising notes of Rs25, Rs50, Rs100, Rs200, Rs500, Rs1,000 and Rs2,000 denominations was issued on 30 October 1998 to replace the previous family of banknotes of six denominations, namely, Rs10, Rs50, Rs100, Rs200, Rs500 and Rs1,000 currently in circulation.

It was also announced that the previous six denominations would cease to be legal tender as from 1st March 1999.

Subsequently, the Bank gave an undertaking that the banknotes of the new family 1998 issued on 30 October 1998 would be replaced by another family of banknotes by 1 July 1999.

In view of the above, it has now been decided that the family of banknotes which exists since prior to the 30 October 1998 will continue to be legal tender and remain in circulation until further notice.