RBI introduces new Rs 500 note, old notes to stay valid

The Reserve Bank of India on Tuesday introduced a new series of the recently introduced Rs 500 notes.

The Central Bank issued a notification on Tuesday saying, "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".

The design of these notes is similar to all the Rs 500 notes which are in circulation, already.

However, the RBI also made it clear that the already existing Rs 500 note would still be a legal tender.

The RBI introduced new Rs 500 notes and Rs 2000 notes, last year after the demonetisation was announced on November 8,2016.

The new Rs 500 banknote also featurs (intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with Rs 500 in the right, and the identification mark) for visually impaired person to identify the denomination.