RBI phasing out old Rs 500 notes

As part of its currency management programme, the Reserve Bank is phasing out old

RELATED ARTICLES

notes in the denomination of Rs 500 of 1996 series and replacing them with new ones with added security features.

RBI spokesperson Alpana Killawala told PTI from Mumbai that the public will not be put to inconvenience by the phasing out, which merely means that these currency notes would not be reissued after they are deposited with banks.

These notes will be replaced with 2006, Mahatma Gandhi series notes, which have more security features, she said.

At present, the RBI is not phasing out any currency notes in smaller denomination -- Rs 10, 20, 50, and 100, a statement issued by RBI said.

The statement further said there is no time limit set for such phasing out or for the public to exchange them.

The central bank has asked banks that when they receive bank notes with old design in Rs 500 denomination (1996 series), they may not re-issue such notes to public and instead return them to the RBI offices.

Members of the public will get the exchange value for the banknote of the old design tendered by them for the same value either in the new design of banknotes or by combination of other denominations or by credit to their account, it said.

All banknotes in the 1996 series will continue to be legal tender and public can continue to use all genuine banknotes, the statement said.

When asked whether these notes are being phased out because of the problem of counterfeiting, Killawala said replacement of old currency notes with new ones is an exercise followed by central banks all over the world.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The budget is sound in logic; the market is too clever by half

    For a man derided by former finance minister P Chidambaram for his knowledge of economics as only sufficient to be scribbled on the back of a postage

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Why higher education needs innovation

India is such a great country that it creates complexity ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture