RBI announces introduction of new Rs 500 currency notes

The Reserve Bank of India (RBI) on Tuesday said it is launching a new batch of Rs 500 notes.

“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 with inset letter ‘A’ in both the number panels, bearing the signature of Urjit R. Patel, Governor, Reserve Bank of India; with the year of printing ‘2017’ on the reverse, are being issued,” RBI said in a statement.

The design of these notes is similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series which were first notified on November 8, last year after Prime MInister Narendra Modi outlawed old high value notes of Rs 500 and Rs 1000, in a bid to crackdown on black money.

The new series earlier released and currently in circulation has the inset letter ‘E’. They will continue to be valid.

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