RBI to issue new 500 and 2000 Rupee Notes.
RBI To Issue New Notes
Senior government officials and Reserve Bank of India chief Urjit Patel today revealed what the new Rs. 500 and 2000 notes will look like, announcing that these will be launched on Thursday, November 10.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said.
Control rooms are being set up at the Reserve Bank and the Department of Economic affairs in the finance ministry to help in the transition.
To stop the spread of counterfeit notes, which is aiding terror activities from across the border, and flush out black money, the government has decided to scrap the notes of Rs. 500 and Rs. 1000. High denomination notes are known to facilitate black money generation. Figures shared by the Finance Ministry suggest that while the total number of bank notes in circulation rose 40% between 2011 and 2016, the increase in the number of Rs.500 notes was as high as 76%. In the same period, the circulation of Rs.1,000 notes rose a whopping 109%.
Here’s what you need to do with your 500 and 1000 rupee notes.
- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs.4000
- Take Aadhaar card and PAN Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your 500 and 1000 rupee notes be accepted till November 11 at :
- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds