RBI issues new Rs 500 notes

Mumbai/Bhubaneswar: The Reserve Bank of India today issued a new batch of Rs 500 denomination notes. The new notes will be circulated in the market soon while the existing Rs 500 notes will continue.

Official sources of RBI said, a new batch of banknotes with inset letter "A" in both the number panels, bearing the signature of Urjit R. Patel, Governor, Reserve Bank of India, with the year of printing '2017' on the reverse, are being issued while continuing to issue of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender.

The new notes are similar in all respects in design to the Rs 500 banknotes in Mahatma Gandhi (New) Series, which were notified on November 8, 2016.

“It will be confusing to gauge the authenticity of Rs 500 notes if the new design comes to market,” said Bhubaneswar based businessman Anupam Sahoo. “There should be proper communication about identifying the new notes from RBI as the frequency of change is very high,” he said.

(With IANS inputs)