New series of Rs 500 denomination notes available in ATM now

Photo of new currency note of Rs 500 issued by Reserve Bank of India.

New Delhi: The Reserve Bank of India (RBI) issued the new high-security Rs 500 notes yesterday evening, to deal with the problem of people struggling for smaller change to give little bit respite to common persons.

The finance ministry announced on its Twitter account, “New series of Rs 500 denomination notes introduced today in New Delhi at SBI Parliament Street Branch.”

Some ATMs and branches of SBI branch in Delhi already started began distribution of these Rs 500 notes.

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Since Prime Minister Narendra Modi on Tuesday night announced the surprise decision to demonetise higher denomination notes, only Rs 2,000 notes, apart from Rs 100 and below, have been available.

With the distribution of these new 500-note it is expected to ease pressure on banks’ for the improvement of problem faced by the common people.

After the new series of Rs 2,000 notes were introduced, people faced trouble over change as several shopkeepers refused to accept the currency citing scarcity of lower denominated currencies.

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A source from the central bank said, the new Rs 500 banknotes bear signature of Reserve Bank of India Governor Urjit Patel.

These newly issued currency of Rs 500-note is stone grey-colour that bears year of printing ‘2016’ and Swachh Bharat logo printed on the reverse.

This new Rs 500 note is different from old banned currency in colour, size, theme, location of security features and design elements.

Apart from this it has image of Indian heritage Red Fort site with Indian flag on the reverse of it.

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