The RBI has fixed the reference rate for the US dollar at 54.8260 and for euro at 72.8285.
Reserve Bank on Tuesday raised key interest rates by 25 basis points, its 13th such hike since March, 2010.
These banknotes will bear the signature of RBI Governor D Subbarao and the year of printing 2012 will be on the reverse of the banknote.
RBI is scheduled to announce mid-quarter review of monetary policy for 2013-14 on June 17.
A cut in the CRR will help banks release their funds stuck with the RBI on which they do not get any interest from the regulator.
The recent fall in commodity prices might not be sufficient to bring down the country's widening current account deficit
The RBI said that strong signs of fiscal consolidation are necessary to create a space for lowering policy rate without the risk of resurgent inflation.
The central bank says that there is room for policy action, but warns of persistent inflation risks.
The government had last week hiked diesel prices by Rs 5.63 a litre and capped the number of subsidised LPG cylinders to six per family a year.
India Inc's reactions to the RBI rate cut.
In its Third Quarter Review of Monetary Policy 2012-13, the Reserve Bank of India has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent with immediate effect.
While many feel PPI would not be a feasible idea for India considering shortcomings like data collection for agriculture commodities, some analysts say the new index could be experimented at least with the manufacturing sector.
The word 'balancing' seems to be a favourite of Reserve Bank of India Governor D Subbarao.
Subbarao's decision to keep interest rate unchanged at the policy review last month to contain inflation evoked criticism from industry and the government.
Due to tight liquidity condition, RBI would cut cash reserve ratio.
Finance Minister Pranab Mukherjee on Friday asserted that India's economy is 'robust' and its growth story is intact, amid fears of another global economic turmoil that sent the world stocks into a tailspin.
Aiming to further expand the bilateral economic engagement, US Treasury Secretary Timothy Geithner would travel to New Delhi and Mumbai later this month for the third annual meet of the US-India Economic and Financial Partnership.
SBI Chairman Pratip Chaudhuri on Tuesday once again expressed his open disagreement with the RBI on cash reserve ratio (CRR) saying it is a "waste" for the economy and successive interest rate cuts by central bank have failed to contain inflation.
These bank notes will bear the symbol on the observe and the reverse with inset letter E.
Bankers and other stakeholders are now almost certain that the Reserve Bank of India (RBI) will increase the key policy rate, or the repo rate, by 25 basis points (bps) on Tuesday.
Reserve Bank of India Governor D Subbarao on Friday said he cannot speculate on when he will start cutting policy rates, but assured that the central bank will ensure that there is enough liquidity in the system by conducting open market operations.
For India to regain its growth momentum and indeed accelerate it further, we need to address several challenges, said Duvvuri Subbarao, Governor, Reserve Bank of India, while delivering the Haksar Memorial Lecture.
"The economy is going through a very difficult patch and business confidence has plummeted. New investments have slowed down," Assocham President Rajkumar Dhoot said during his interaction with RBI Governor D Subbarao ahead of the central bank's monetary policy review scheduled on April 17.
The Reserve Bank of India, in its first-quarter review of monetary policy, kept the benchmark policy rate constant at 8 per cent.
"Global rebalancing will require deficit economies to save more and consume less, while depending more on external demand relative to domestic demand for sustaining growth. Surplus economies will need to mirror these efforts - save less and spend more, and shift from external to domestic demand," Subbarao said during his intervention in the ongoing Spring meeting of the IMF in Washington.
RBI's policy stance must address concerns over slowing output
As GDP growth falls below the new normal, rate cuts seem inevitable.
There is not much that the RBI can do to address India's inflation. Solutions to the problem lie with Pranab Mukherjee and Sharad Pawar, who run the ministries of finance and agriculture, respectively.
Draft norms soon, but central bank worried about self-dealing by company promoters.
Expectes RBI Governor to announce 0.25 per cent rate cut.
Amid decelerating manufacturing growth, the Reserve Bank wants the government to come out with measures in the Budget to give a boost to the sector, which can employ surplus labour from agriculture.
Recent slide in inflation no consolation amid exceptional shrinkage in industrial growth.
The RBI governor-designate may be economical with spoken words, but is known for his sharp and critical writings
Headline inflation was 8.98 per cent for March, while the food inflation was 8.76 per cent for the week ended April 16.
The government is in the process of setting up of an independent debt management office, aimed at separating RBI's role as the decider of interest rate in the market, and at the same time being the banker to the government.
Describing the annual monetary policy announced by RBI Governor D Subbarao as a progressive one, Ernst & Young India's Ashvin Parekh said, "We have almost reached a point where inflation has become unmanageable and RBI has clearly indicated that bringing down inflation to a comfortable level is its top priority."
Expect rate rise pause, amid market expectations to the contrary.
With the average WPI-based inflation at 7.5% and CPI-based one above 10%, a bit of aggression is required to beat inflation. Four experts give their views.
Reserve Bank Governor D Subbarao will, however, not touch the policy rate or the repo, rate at which RBI lends to banks, on October 30 when he unveils the half-yearly monetary policy because headline inflation continues to be elevated at 7-7.5 per cent, the agency said.
There could possibly be some reduction in home/auto loan outgo.
