RBI to issue new Rs 500 note in new series with inset letter R

Mumbai: The Reserve Bank of India on Monday said it will shortly issue two series of Rs 50 banknotes in the Mahatma Gandhi Series-2005 with inset letter 'L' on the one series and 'R' on the other, but the old Rs 50 notes will continue to be legal tender.

The banknotes will be bearing signature of RBI Governor Dr Urjit R.Patel, and the year '2016' will be printed on the reverse.

These banknotes have the ascending size of numerals in the number panels and it will be similar to Rs 50 banknotes issued earlier in Mahatma Gandhi Series-2005 through.

The decision came after the RBI announced that it would soon issue Rs 100 denomination notes in the Mahatma Gandhi Series-2005, without inset letter in both the numbering panels.

Apart from this new currency notes of Rs 20 and Rs 50 denominations with numerals in ascending size in the number panels and without intaglio printing will also be released soon.