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RBI introduces new Rs 500 notes but existing ones still valid

Rs 500 notes

New Delhi: The Reserve Bank of India (RBI) on Tuesday said it is launching a new batch of Rs 500 notes.

However, the RBI also made it clear that the already existing Rs 500 note would still be a legal tender.

In a notification, the RBI said: “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.”

The new series earlier released and currently in circulation has the inset letter “E”. They will continue to be valid.

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 RBI introduced new Rs 500 notes and Rs 2000 notes, last year after the demonetisation was announced on November 8, 2016.

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