RBI Announced New Rs 500 Currency Notes – Here’s What You Need To Know

RBI Announced New Rs 500 Currency Notes – Here’s What You Need To Know

The Reserve Bank of India (RBI) has announced new Rs.500 currency notes. The new notes will have some different features. The one noticeable feature of the new currency notes is the inclusion of an inset letter “A”. Besides, in the new notes the signature of the RBI Governor will be on the reverse side.

The main features of the Rs. 500 banknotes are:

– The size of Rs. 500 notes is 66mm x150mm

– Colour of the Rs. 500 notes is stone grey

– The Rs. 500 notes bear the year of printing and the Swachh Bharat logo printed and an image of Red Fort on the reverse side.

The banknote also has these features such as:

– Intaglio printing of Mahatma Gandhi portrait

– Ashoka Pillar emblem, bleed lines

– Circle with Rs 500 in the right

– The identification mark which enable the visually impaired person to identify the denomination.

Reserve Bank of India shared that 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 Dr. Urjit R. Patel Governor, Reserve Bank of India; with the year of printing ‘2017’ on the reverse, are being issued. RBI had also noted that some of the captioned banknotes would have an additional character * (star) in the number panel in the space between the prefix and the number.

The design of these notes is similar in all respects to the Rs. 500 banknotes in Mahatma Gandhi (New) Series, Reserve Bank of India added. The current Rs. 500 notes have inset letter E.

The central bank had demonetized old Rs. 500 and Rs. 1000 notes on November 8 last year. After that RBI introduced new Rs. 500 and 2000 currency notes.

According to sources last week Reserve Bank of India shared that nearly 83 per cent of the currency has been remonetized and denied there was any shortage of cash in the system. The data on the amount of demonetized notes returned, however, is still not available.

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