A new series of Rs 500 banknotes will be soon be circulated by the Reserve Bank of India. The series will be printed with the inset letter ‘A’ in both the number panels on the front side, RBI said in a press release on Tuesday. The design of this new batch will remain similar to the older notes. The central bank, from time to time, introduces new series of notes for legal tender.
RBI Launches new series of Rs 500 notes with inset letter ‘A’.
The Reserve Bank of India further said the design of the new Rs. 500 notes is similar in all respects to those belonging to the Mahatma Gandhi (New) Series. 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.
In the existing series of Rs. 500 banknotes, first announced on November 8 when the government in a surprise move announced demonetization of Rs. 500 and Rs. 1,000 notes in its fight against black money and corruption, the inset letter “E” can be seen in the two number panels at the upper-left and lower-right corners of the front side. They will continue to be valid.
Last week, RBI had said that nearly 83 per cent of the currency has been demonetized and denied there was any shortage of cash in the system. Additionally, the central bank said that the notes will bear Swachh Bharat logo on the backside of the banknote and that some of the notes would carry an additional character in the space between the prefix and the number of the banknote.