The Reserve Bank of India on Tuesday introduced a new series of its Rs 500 note, reported ANI. However, the apex bank clarified that the notes, which were circulated after demonetisation, will remain valid.
The design of these new notes will be similar to that of Rs 500 notes in the Mahatma Gandhi New Series. It will only come with an inset letter ‘A’ in both the number panels on the front side, according to The Indian Express.
Earlier this year, Economic Affairs Secretary Shaktikanta Das had refuted reports that the RBI was planning to introduce a new series of Rs 1,000 notes. The older series of both Rs 500 and Rs 1,000 notes were demonetised on November 8, 2016.
The demonetisation of the Rs 500 and Rs 1,000 notes, representing nearly 86% of the amount of liquidity in the economy, caused a cash crunch in the country. The move was heavily criticised by Opposition parties and economists, even as the Centre said it would help fight black money, counterfeiting and terrorism. On February 17, RBI Governor Urjit Patel had said that the Indian economy would suffer from a slowdown because of demonetisation, but would recover from it as well.