RBI introduces new Rs 500 currency. Here's what is different in new notes

The Reserve Banks of India (RBI) today announced introduction of new Rs 500 currency notes.

The new version will have few different aspects. The one noticeable aspect of the new currency notes is the inclusion of an inset letter "A".

Besides, in the new notes the signature of the RBI Governor will be on the reverse side.


"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 press release.

The design of these notes is similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series, RBI added.

The current Rs 500 notes have inset letter E.

The central bank had demonetised old Rs 500 and Rs 1000 notes on November 8 last year. After that RBI introduced new Rs 500 and 2000 currency notes.

Last week, RBI had said that nearly 83 per cent of the currency has been remonetised and denied there was any shortage of cash in the system.

The data on the amount of demonetised notes returned, however, is still not available.