WATCH: What's new in RBI's new series of Rs 500 notes

Key Highlight: 

• RBI  inset letter “A” in new series of Rs 500 notes
• Post demonetisation Rs 500 had "E" letter
• During demonetisation 6,858 million pieces of Rs 500 notes were ban

The Reserve Bank of India (RBI) on Tuesday said that it has introduced a new series of Rs 500 bank notes. 

In continuation of issuing of  Rs 500 denomination banknotes, RBI stated that a new batch of banknotes with inset letter “A” in both the number panels, bearing the signature of Urjit Patel

Governor, RBI; with the year of printing '2017’ on the reverse, are being issued.

Design of these notes is similar in all respects to the Rs 500 notes in Mahatma Gandhi series which were first notified after November 08, 2016. 

After demonetisation move the Rs 500 bank notes involved letter "E". RBI stated this will continue to be valid. 

The central bank issues Rs 500 banknotes in Mahatma Gandhi series from time to time. 

On November 08, 2016, PM Narendra Modi banned the high-denomination notes namely Rs 500 and Rs 1000 in a move to tackle black money. 

RBI had to replace a total of 6,858 million pieces of Rs 500 notes since then.