RBI Issues New Batch of ₹ 500 Notes. Here's Everything You Need to Know!

A new batch of ₹500 bank notes has been issued by the Reserve Bank of India (RBI).

According to RBI’s announcement on Tuesday, these notes will have the same design as the ₹500 bank note that were issued post demonetisation, but with the inset letter 'A'.

The central banks’ statement also mentioned that the move was in continuation with the issue of ₹500 denomination bank notes in new Mahatma Gandhi series.

Currently the legal tender, the new batch of bank notes are being issued with inset letter "A" in both the number panels and bear the signature of Dr. Urjit R. Patel, who is the Governor of RBI along with the year of printing '2017' on the reverse.

In a bid to curb corruption and black money, the government’s move for demonetisation last year had revamped the entire economic structure of the country with the decommissioning of the old high value notes of ₹500 and ₹1000, flagged off by Prime Minister Narendra Modi in November 2016.

As reported by TOI, RBI had claimed that almost 83 per cent of the currency notes post the crackdown had been remonetised.

The current series in circulation has the inset letter "E" in the notes and will continue to remain valid for use.

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