New 500 notes by RBI | Fusion - WeRIndia

New 500 notes by RBI

New 500 notes by RBI

The Reserve Bank of India (or RBI) has recently released its brand-new batch of ₹ 500 bank notes.

According to an announcement from the RBI itself, the design will be exactly the same as the design of the original ₹ 500 bank note that was issued after the demonetization.

The only difference is that, in replacement of the inset letter “E”, there is now an inset letter “A”.

In this same statement, the Reserve Bank also mentioned how this move of theirs continues the new Mahatma Gandhi series of the issue of ₹ 500 denomination bank notes.

These new bank notes with the inset letter “A” in their number panels also have the signature of Dr. Urjit R. Patel, the Governor of the RBI, on them, and they also have the printing year of “2017” on the reverse.

This is part of the initial movement to rid the market of corruption and black market money, in which the government made a move for demonetization last year.

They entirely redid the economic structure of the country, taking away the old notes of ₹ 500 and ₹ 1,000.

These notes were decommissioned by the Prime Minister Narendra Modi back in November of 2016.

The Times of India, or TOI, has recently reported that the RBI had been claiming that eighty-three percent of the currency notes that were issued after this crackdown had since been remonetized.

The current series that is still in circulation, with the inset letter “E” on the note, will continue to be valid to use.

However, all of the issued new notes hereafter will be the ones with the inset letter “A” on the note instead.

These notes will continue along the path to clean the economy of this country and continue to keep it stable in the coming years.

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