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RBI to launch new Rs 500 notes in Mahatma Gandhi series, notes introduced after demonetisation to stay valid

The new batch of Rs 500 notes will be in circulation along with the notes introduced after Centre's demonetisation announcement in November last year.
India TV Business Desk New Delhi June 13, 2017 15:16 IST
India TV Business Desk

The Reserve Bank of India today said it will introduce new Rs 500 notes with inset letter “A” in its Mahatma Gandhi (New) series. The new notes will be similar to the notes introduced during Centre's demonetisation drive in November last year. Both the series will remain in circulation.

“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," RBI said in a statement.

The design of the new batch of notes will be similar to the Rs 500 banknotes in Mahatma Gandhi (New) Series which were first released after Prime Minister Narendra Modi, on November 8, 2016, announced the decision to scrap old Rs 500 and Rs 2000 notes. 

The new series earlier released and currently in circulation has the inset letter "E".