RBI introduces new batch of Rs500 banknotes; old notes to remain valid

The Reserve Bank of India (RBI) has introduced a new batch of Rs500 denomination banknotes with inset letter `A' while keeping the earlier E series notes also in circulation.

''In continuation of issuing of Rs500 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 stated in a release.

The design of these notes is similar in all respects to the Rs500 banknotes in Mahatma Gandhi (New) Series which were first notified through press release on 8 November 2016.

The earlier Rs500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter 'E' in both the number panels, bearing the signature of Urjit Patel had year of printing '2016' and Swachh Bharat Logo printed on the reverse of the Banknote.

Those grey colour Rs500 banknotes of 66mm x 150 mm size featured Red Fort-an image of Indian heritage site - with Indian natoional flag on the reverse.

The banknote also had features (intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with Rs500 in the right, and the identification mark) which enable the visually impaired person to identify the denomination.