RBI will issue new ₹500 notes soon

Reserve Bank will soon put into circulation a new batch of ₹500 banknotes in the Mahatma Gandhi new series, printed in 2017.

“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 release on Tuesday.

RBI said the release of new batch of ₹500 notes is in continuation of issuing ₹500 denomination banknotes in Mahatma Gandhi (new) series from time to time, which are currently legal tender.

With respect to design, these notes will be similar to the existing ₹ 500 banknotes in Mahatma Gandhi (new) series.

The new ₹ 500 notes, which were introduced post November 8, 2016 after disbanding old ₹500 and ₹1,000 notes, wear entirely a new look in a stone grey colour, depicting image of the Red Fort as well as carrying a message to keep the surroundings clean. The news notes have improved security features and are smaller in dimension compared with the earlier ones.

The government had claimed this massive change would wipe out black money and, it would be difficult for fraudsters to counterfeit the notes. This would also put a check on funding for terrorist and insurgency activities, it had said.

But when India’s GDP slowed down in the March quarter with a growth of just 6.1 %, opposition parties criticised the Centre and held the decision of demonetisation responsible for India’s GDP growth going down.