The Reserve Bank of India on Tuesday announced that it will soon introduce a new series of Rs. 500 currency notes. The central bank has, however, clarified that the notes in the old series will continue to remain in circulation. The RBI notification states: “In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes..are being issued.”
Earlier, the Rs 500 notes, which are currently in circulation, were introduced following Prime Minister Narendra Modi’s announcement to demonetise the old Rs 500 and Rs 2000 notes in November 2016. RBI Deputy Governor NS Vishwanathan had in March stated that the central bank did not have any plan to introduce new denomination currencies as the central banking institution wanted to encourage people to opt for cashless transactions.
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Denying reports of a possibility of printing of Rs 5,000 and Rs 10,000 currency notes, Minister of State for Finance Arjun Ram Meghwal had told Parliament that the Narendra Modi government does not have any such plans.
In December 2016, RBI had said that some of the Rs 500 notes will have an additional character * (star) in the number panel in the space between the prefix and the number.
RBI to introduce new Rs 500 currency note, old notes to continue: Reports#rbihttps://t.co/EpSwSvsb3I
— InUth (@InUthdotcom) June 13, 2017
The new notes in Mahatma Gandhi (New) Series will mostly be similar to the notes which are currently in circulation.
Here is how you can recognise the new Rs 500 note in 7 simple steps
- The new Rs 500 note will have the inset letter “A” in both the number panels. The earlier notes had inset letter ‘E’ in both the number panels.
- The new batch of banknotes will have 2017 as the year of printing on the reverse
- The new notes will bear the signature of Reserve Bank of India Governor Dr Urjit R Patel
- The size of the notes is 66mm x 150mm
- The colour of the Rs 500 currency notes is stone grey
- An image of Red Fort with the Indian flag will be printed on the reverse
- The design of these notes is being made to the Rs 500 banknotes in Mahatma Gandhi (New) series
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