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The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.
"Two key reasons for the proposal cited in the government letter were: (1) between 2011 and 2016, the supply of 500- and 1,000-rupee bills had grown by 76 and 108 percent, respectively, while India's economy had only grown by 30 percent during this period; and (2) cash typically facilitated "black money."
The first banknotes issued in the New Series were the denominations of ₹ 500 and ₹ 2000, and are in circulation since 10 November 2016. While the ₹ 500 note is still being printed, the ₹ 2000 note was last issued date 2017. [1] [2] [3] The RBI announced on 18 August 2017 that it would soon issue a new ₹ 50 note. [4]
Banknotes of denominations of ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000 of the Mahatma Gandhi Series. The Gandhi Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of Indian rupee. The series is so called because the obverse of the banknotes prominently display the portrait of Mahatma Gandhi.
The Indian Rupee (symbol: ₹; code: INR) is the official currency of the Republic of India. The rupee is subdivided into 100 paise (Hindi plural; singular: paisa). The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank derives this role from powers vested to it by the Reserve Bank of India Act, 1934.
On 1 March 2024, Reserve Bank of India informed that 97.62% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 8,470 crore are still in circulation with public, at the close of business on 29 February 2024. [31] [32] RBI said that 2,000 bank notes continue to be legal tender. [33]
Like the other Indian rupee banknotes, the ₹ 1000 banknote had its value written in 17 languages. On the obverse, the denomination was written in English and Hindi. On the reverse is a language panel which displayed the denomination of the note in 15 of the 22 official languages of India, displayed in alphabetical order.
Lion Capital of Ashoka. The Lion Capital Series were a series of currency notes issued after India declared its independence from Great Britain and used until the Reserve Bank of India (RBI) introduced the Mahatma Gandhi Series in 1996 with banknotes in denominations of 10 and 500 rupees, and were designed with the image of the Lion Capital of Ashoka, the National Emblem which replaced the ...