Reserve Bank of India (RBI) will soon come up with new currency notes of Rs 500, also the old notes of Rs 500 that were introduced after the demonetisation will also stay valid. Reportedly, new notes will inset letter A. The design of the new notes will be similar to the current ones.

In a statement issued by RBI , it stated, “In continuation of issuing of ₹ 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which is currently a legal tender, a new batch of banknotes with inset letter “A” in both the number panels, and will have the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India. The with the year of printing ‘2017’ on the reverse, are being issued.”

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The design of these notes is similar in all respects to the ₹ 500 banknotes in Mahatma Gandhi (New) Series which were first notified last year on November 8 when Prime Minister Narendra Modi announced demonetisation.

Recently, RBI had said that around 83 percent of the currency has been remonetised and denied that there was any shortage of cash in the system.

Earlier also there were reports doing the rounds that RBI might introduce new currencies, however, RBI Deputy Governor N S Vishwanathan in March had denied it saying central bank did not have any plan to introduce new denomination currencies.

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Last year, on December 16 last, the central bank had announced that it would issue Rs 500 notes in Mahatma Gandhi (New) series with the inset letter E in both the number panels. According to PTI, each set of the notes will have 100 notes like the way it is usually but the new notes will not be in the serial order.



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