RBI to issue new Rs 500 note in new series with inset letter R

MUMBAI: The Reserve Bank of India today said it is issuing a new batch of Rs 500 notes in Mahatma Gandhi (New) series with the inset letter R in both the number panels.

"In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series which are currently legal tender, a new batch of banknotes with inset letter 'R' in both the number panels, bearing the signature of Dr Urjit R Patel Governor, Reserve Bank of India, with the year of printing '2016' are being issued," RBI said in a notification.

The central bank in two separate notifications further said it will shortly issue Rs 50 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter 'R' and 'L' in both the number panels.

The new notes will bear the signature of Urjit R Patel, the incumbent RBI Governor, and the year of printing '2016' printed on the reverse of the banknote.

"These banknotes (Rs 50 notes with insert letter L and R) have the ascending size of numerals in the number panels; the banknotes are similar to the banknotes of Rs 50 issued earlier in Mahatma Gandhi Series-2005," RBI said.

Meanwhile, the Central Bank today imposed stiff restrictions on depositing more than Rs 5,000 in the scrapped Rs 500 and Rs 1,000 notes, mandating that it can be deposited only once per account till December 30, that too after explaining to bank officials the reasons for not having done that so far