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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.
The history of the rupee traces back to ancient times in the Indian subcontinent. The mention of rūpya by Pāṇini is seemingly the earliest reference in a text about coins. [ 2 ] The term in Indian subcontinent was used for referring to a coin.
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 ...
It further worried about the negative effects on growth that were likely to occur in the short run. Possibly the most damning observation was that the primary fact on which the government had based its proposal—that the supply of 500- and 1,000-rupee bills had far outstripped the growth rate of the economy—was simply wrong.
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
The Digital Rupee (e₹) [39] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). [40] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. [41] Digital Rupee is using blockchain distributed-ledger technology. [42]
[2] [weasel words] On 8 November 2016, Indian Prime Minister Narendra Modi announced that the hitherto existing 500 and 1000 rupee notes cease to be legal tender. He said that the move is taken to curb black money and widespread counterfeit currency in the country. He introduced new ₹500 and ₹2000 notes, and discontinued the existing ...
Indian rupee symbol in graphic form. The new sign is a combination of the Devanagari letter र ("ra") and the Latin capital letter R without its vertical bar. The parallel lines at the top (with white space between them) makes an allusion to the tricolour Indian flag and also depict an equality sign that symbolizes the nation's desire to reduce economic disparity.