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  Business   Economy  13 Jun 2017  RBI issues new batch of Rs 500 notes to boost supply

RBI issues new batch of Rs 500 notes to boost supply

THE ASIAN AGE
Published : Jun 13, 2017, 2:04 pm IST
Updated : Jun 13, 2017, 2:04 pm IST

There is no major change in design of these notes in comparison to the earlier issued notes.

New Rs 500 notes were issued after old were banned.
 New Rs 500 notes were issued after old were banned.

Mumbai: The Reserve Bank of India has issued new batch of Rs 500 currency notes as part of its drive in favour of enough cash supply in the banking system. The RBI had issued new Rs 2,000 and Rs 500 currency notes after old Rs 1,000 and Rs 500 denominations were banned as part of government's anti-black money campaign.

"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," RBI said in a statement.

 

There is no major change in design of these notes in comparison to the earlier issued notes in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series. These were first notified on November 8, last year when high value notes were banned.

The central bank had last week revealed that nearly 83 per cent of the currency notes that were demonetised have already been remonetised back into the system. The RBI also said that now there was no shortage of cash in the banking system.

Tags: demonetisation, remonetisation, enough cash supply, rs 500 notes, rbi, reserve bank of india
Location: India, Maharashtra, Mumbai (Bombay)