2016-11-14 Mon

The latest high-security Rs 500 notes were distributed officially across the country via banks on Sunday, 13th November 2016 in New Delhi at SBI Parliament Street Branch. Separate arrangements are being asked to be made for senior citizens and women by lenders. Some branches like SBI Main branch in Delhi have started distribution of Rs 500 notes.

After PM Narendra Modi declared about the discontinuation of the old 1000 Rs and 500 Rs notes, only the new Rs 2000, old Rs 100 and lower denomination banknotes were available.

The release of the new 500 Rupees notes will improve liquidity in the market and ease pressure on banks. The new 500 Rupees and 2000 rupees notes will not be as-of-now available through ATMs as they are different in size and recalibration would be required to make that happen.

The new Rs 500 banknotes feature the signature of the Reserve Bank of India Governor Urjit Patel.

The reverse of the stone grey-coloured note features the year '2016' and Swachh Bharat logo. It is different from the earlier note of the same denomination in terms of colour, size, theme, location of security features and design elements.

It also portrays the Red Fort with the Indian flag on the reverse. Officials have stated that the new note has special features like intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, a circle with 500 on the right, and the identification mark which make it possible for visually impaired person to identify the note easily.

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