RBI launches new series of Rs500 notes, old notes continue to remain valid
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New Delhi: The Reserve Bank of India (RBI) on Tuesday announced in a statement that it is launching a new series of Rs500 currency notes with inset letter “A”.
“In continuation of issuing of Rs500 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,” the RBI statement reads.
The design of these notes is similar in all respects to the Rs500 banknotes in Mahatma Gandhi (New) Series which were first notified on 8 November last year after Prime Minister Narendra Modi announced demonetisation of old Rs500, Rs1,000 currency notes.
The existing Rs500 notes will continue to remain valid.
Since 8 November 2016 demonetisation drive, nearly 83% of the currency has been remonetised, the RBI said last week.