RBI introduces new batch of Rs 500 notes, current batch still valid
A newer Rs 500 currency note is soon to hit the market. But don’t worry; this is not demonetisation 2.0. The old one will still be valid.
According to reports, the Reserve Bank of India (RBI) on June 13, 2017, said it is launching a new batch of Rs 500 notes, with a more-or-less similar design. There will be just one tiny difference: the series will be printed with the inset letter “A” in both the number panels on the front side. The notes currently in circulation have the inset letter "E".
"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 said in a statement.
The Rs 500 notes presently in circulation came in to use after November 8, 2016, when Prime Minister Narendra Modi announced the decommissioning of the erstwhile Rs 500 and the Rs 1,000 currency note, in a bid to fight corruption, eradicate black money and push the nation towards a digital revolution.
The move, that in one go, made 86 per cent of the Indian currency – amounting to almost Rs 14 lakh crore – useless had received strong backlash from the media and economists across the nation. In fact, barely a week ago, the RBI announced that nearly 83 per cent of the currency has been remonetised so far.