No, E-Way bill is required when individual bill is more than 50k.
Provision of EWay Bill which is deferred till now - Rule 138(7) is not yet made effective which create the liability of generation of E-Way Bill on Transporter in case where consolidated value of consignment is more than 50K (But Individual Consignment value is less than 50K) and movement is inter state.
As per my opinion it advisable to issue e-way bill if both bills issue on same day to same party and both bill amount total is more than 50000.bcz indirectly it's shows evasion of tax if not issue e-way bill.
E-Way Bill is only for movement of goods, there is no relation to evasion of tax, as clearly said in the above question that both the bills are below 50k and Rule 138(7) is not effective yet