The Reserve Bank of India (RBI) will soon introduce new currency notes of Rs 500 value. Old notes of Rs 500, which were introduced by the Narendra Modi Government in the wake of demonetisation of older Rs 500 and Rs 1000 notes will continue to remain legal tender. Last year on November 8, PM Modi in a televised address to the nation had announced the imposition of a ban on old currency notes of Rs 500 and Rs 1,000. The step was taken to reduce the flow of black money into the country as well as to boost the fight against fake notes and terror. Agencies had also arrested several persons in the country for hiding old notes in various parts of the country. An official statement said that in continuation of issuing of Rs 500 denomination bank notes 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.
Here are the five points to remember:
1) RBI will introduce new batch of currency notes of Rs 500 with inset letter “A”. However, old notes will continue to remain as legal tenders.
2) The design of these new notes will be similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series, ANI said.
3) This development comes couple of months after RBI Deputy Governor N S Vishwanathan had said that there was no plan to introduce new denomination currencies, an IANS report said.
4) Last year on December 16, the central bank had announced that it would issue Rs 500 notes in Mahatma Gandhi (New) series with the inset letter E in both the number panels. It had said that notes will also have Swachh Bharat logo printed on the reverse of the banknote.
5) The central bank had also noted that some of captioned banknotes would have an additional character * (star) in the number panel between and the number and prefix, a PTI report said .