RBI to introduce new Rs 500 currency notes with inset letter A; old notes to stay valid

13 June 2017, 02:10 PM
Reserve Bank of India - File Photo
Reserve Bank of India - File Photo

The Reserve Bank of India (RBI) will soon introduce a new series of Rs. 500 currency notes. The new set of notes will have inset letter A, as per the Apex bank's press release on Tuesday. However, old notes, which were introduced following Prime Minister Narendra Govt's demonetisation drive in November last, will remain legal tender, reports suggest.

It has been learned that design of these notes is similar in all respects to the present Rs 500 banknotes in Mahatma Gandhi (New) Series, according to reports. 

This comes after RBI Deputy Governor N S Vishwanathan in March had said that the central bank did not have any plan to introduce new denomination currencies, according to IANS report.Vishwanathan had said that the central banking institution wanted to encourage people to opt for cashless transactions.

Minister of State for Finance Arjun Ram Meghwal had also informed Parliament that the Narendra Modi government was not planning to print Rs 5,000 and Rs 10,000 currency notes.

First Published: Tuesday, June 13, 2017 01:54 PM
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