The Reserve Bank Of India has issued an all new upgraded batch of Rs 500 notes in the country. Prime Minister Narendra Modi made the Rs 500 and 1000 note invalid in November last year as a clampdown on black money in India. The newly introduced Rs 500 note have no major difference in terms of appearance from the earlier released note apart from an inset letter “A”. The ongoing series of the Rs 500 note have the inset letter “E” right now which will be valid along with the new “A” series. So people don’t have to worry and rush to their nearest bank branches to exchange their notes.
The New Rs 500 Note
The RBI introduces new series of legal tenders from time to time in India and the issuing of the new batch of Rs 500 notes with the inset letter “A” is a continuation of the process that started on November 8, 2016. The new notes aren’t changed drastically and only have some of these features:
- In place of letter “E” the inset letter would be replaced with letter “A”.
- The letter “A” would be visible in both the number panels on the note
- The new Rs 500 note will have the signature of the Governor of Reserve Bank of India, Urjit R Patel
- Along with that year of printing 2017 at the back
The new R 500 notes discharged by the RBI are already in circulation now and the central bank has clearly stated that the old legal tenders with “E” series will remain valid and people don’t have to rush once again to their nearest banks for exchanging them with the new ones.
The Demonetization Story
According to the Reserve Bank of India around 83% of the Indian currency has been re-monetized so far following the note-bandi initiated by Narendra Modi. The bank has also assessed that there is no shortage of cash in the ongoing system of re-monetization. On the day the demonetization was announced around 6,858 million of Rs 1000 and 17,165 million of Rs 1,000 notes were in circulation.
The new notes issued by the RBI post demonetization had the inset letter “E”, a Swacch Bharat logo printed on the reverse side of the legal tender. No “heads up” was provided by the central government before the announcement of the demonetization which put the citizens of the country in a state of bafflement.