Did you know series (6): 500 rupee notes ;Classification and valuation by the period when they were minted and their issue numbers

Did you know series (6):

Classification and valuation of 500 rupee notes by the period when they were minted

and their issue numbers

This post is in continuation of my post on  "Classification and valuation of 1000 rupee notes by the period when they were minted and their issue numbers” and is focused on identification and classification of 500 rupee currency notes.

 Historical reference of the 500 rupee note:

The first notes in the 500 rupee denomination were issued on 2^nd October 1987 (The birthday of Mahatma Gandhi. Incidentally, 2^nd October is, also, the birthday of a popular Indian Prime Minister Lal Bahadur Shastri), under the signatures of R.N. Malhotra (RBI Governor from 04.02.1985 to 22.12.1990), with the Mahatma Gandhi portrait among other distinctive features. The value of 500 rupee uncirculated currency note from this period would be around Rs.1800/- to Rs.2000/-.

Similar design issues were also in circulation during the periods of subsequent RBI Governors viz, S. Venkatiramanan (RBI Governor from 22.12.1990 to 21.12.1992) and Dr. C.Rangarajan (RBI Governor from 22.12.1992 to 22.11.1997).  The value of these notes for a collector would be about Rs.1400/- to say Rs.1500/- for uncirculated currency notes.

The above is a specimen of a 500 rupee Note issued under the signatures of Dr.C.Rangarajan.  Apart from other features, notice the 5 security black lines /dashes on the left hand side of the above specimen. These are meant to assist visually challenged persons to identify the denomination of the currency note.

The notes issued by the other two governors mentioned above were similar to this issue. 

However, during the tenure of RBI Governor Dr.C Rangarajan, it was noticed by the Reserve Bank of India that near perfect forgeries/fake notes were in circulation, which had almost all the features as genuine 500 rupee notes, as such, measures were taken to withdraw this design and issue a new design currency note during the period of DR.C.Rangarajan itself.

Take a closer look at the image of the above note. Can you make out whether this note is a genuine one or a fake one? I have matched all the details of this currency note and found that almost every detail including quality of paper matches with regular issues. Only one little feature on the obverse of this note looks a little different, which makes the genuineness of this note a little suspect. Can you identify it?

This Note has come to me from my sister’s Nursing Home OPD receipts, after it was refused to be accepted by a Bank. I have, since then, shown it to several persons including some collectors. Opinion is divided as to whether it is a genuine Note or not. No wonder, RBI had to go in for a design change for 500 rupee notes.

Reverse of the above Note.

The value of the new design 500 rupee notes issued during the tenures of Dr. C. Rangarajan (with Plain Inset) and Dr Bimal Jalan (RBI Governor from 22.11.1997 to 05.09.2003) with Plain Inset, A, B, and C Insets) is Rs. 1000/-(approx.) for the later notes issued during Dr. Jalan’s tenure and Rs.1200/- to Rs.1300/- for the earlier uncirculated 500 rupee notes issued during Dr.Rangarajan’s tenure.

The above is an image of a 500 rupee Note issued under the signatures of Dr. Y.V. Reddy (RBI Governor from 06.09.2003 to 05.09.2008) “2BA” is the prefix, “640457” is the serial number of the note. The Note has an “L” in the background of the serial number. This is a specimen of an “L Inset” serial number.

Reverse image of the above “L” inset note which was issued in 2006. Currency Notes with an ‘L’ Inset were also issued in 2005, 2007 and 2008 under Dr. Reddy’s signatures.

The above is a 500 Rupee Note issued under Dr. Y.V. Reddy’s signature. If you will look at the serial number of the Note ‘9HG’ is the Prefix, the serial No. is ‘909665’. There is no letter of the alphabet mentioned in the background of the serial number. Hence, this note is said to have been issued with a “Plain Inset”.

The reverse side image of the above Note showing the year of issue as 2008. Currency Notes with (Plain inset) were also issued with no date in the beginning of his tenure, 2005, 2006, 2007 and 2008.

During Dr. Reddy’s tenure, 500 rupee notes were also issued with A,B and C  Insets( with no date) during the early part of his tenure, and later with “E” Inset (2006,2007 and 2008) and “R” Inset (2005,2006,2007 and 2008) .

The value of Notes of this denomination varies between Rs.600/- to Rs.650/- for the later issues to about Rs.800/- to Rs.850/- for the earlier issues.

The above is a 500 Rupee Note issued under Dr. D. Subbarao’s signature (RBI Governor from 05.09.2008 onwards).

 If you will look at the serial number of the Note ‘9CN’ is the Prefix, the serial No. is ‘568786’. There is the letter “L”of the alphabet mentioned in the background of the serial number. Hence, this note is said to have been issued with a “L”Inset. If one notices the serial number of this note, the last three numbers are “786” (The Arabic letters of the opening phrase of the Quran – the holy book of the Muslims – sum upto the numerical value of 786 in the system of Abjad numerals. The number is used as a substitute for the Arabic phrase which translates into English as “in the name of Allah, the merciful, the compassionate”). 

Another interesting feature of this serial number is that if one reads the numerals backwards from the numeral “7”, the number  still reads “786” ( as if it was translated from/written in  the Arabic script/Abjad numerals, which are read from right to left).

The reverse side of the above Note showing the year of issue 2009. 500 rupee currency notes were also issued with the “L” Inset in 2010 and 2011 under Dr.Subbarao’s signatures.

 

The obverse of a “Plain Inset” 500 rupee Note issued in 2011.

The reverse of the above Note showing the year of issue as 2011. 500 rupee currency Notes with “Plain Inset” were also issued in 2009 and 2010 under Dr. Subbarao’s signatures.

The obverse of a “E” Inset 500 rupee Note issued in 2009.

The reverse of the above Note showing the year of issue as 2009. 500 rupee currency Notes with “E”Inset were also issued in 2010 under Dr. Subbarao’s signatures. I have still not come across 2011 issues with “E”inset. I will update this post when I come across such issues in my collection.

The value of the current issues is still mostly at face value except for the unique/fancy numbers ones, but the value of uncirculated earlier issues under Dr. Subbarao’s signatures can be about Rs.600/- to Rs.650/-

Recently, the Reserve Bank of India in its periodical design changes has introduced new Currency Notes in the denominations of Rs.1000/-, Rs.500/-, Rs.100/- and Rs.10/-. The Old design on the currently circulating Mahatma Gandhi  Notes has been retained in the new series, but the new “Rupee symbol” has been introduced in two places on the front side just before the denomination of the currency note as well as , before two denomination numerals on the top of the back of the Notes.

 I happened to acquire two five hundred notes with the rupee symbol and ten one hundred rupee notes from a Bank ATM near my residence on the 01.01.2012 which had placed these new design notes in their ATM as a “New Year’s Gift” to customers. I happened to be the first one to receive these notes. Later on, while passing through the same area, I saw that the ATM withdrawal line had really built up to a serpentine queue and the ATM cash was being reloaded which meant that the message to collect the new design notes had spread fast!!

Notice that the Rs.500/- note has an ”8AD” prefix  which means that this note is one of the first few issues.

The back of this Note shows the year of issue as 2011 below the "Dandi March" picture.

Posted on 22.08.2013:
The Front of a "Plain Inset" 500 Rupee Note issued with a Rupee symbol in 2012.

The back of the above Note issued in 2012 with a rupee symbol.

 The Front of a Rs.500/- Banknote issued with an "R" Inset in 2012.

The Back of the above Banknote showing the year of issue as 2012.

  The Front of a Rs.500/- Banknote issued with an "E" Inset in 2012, but without the Rupee symbol. 

 The Back of the above Banknote showing the year of issue as 2012, but without the Rupee symbol.

The Front of a Rs.500/- Banknote with Plain Inset issued in 2013 .

The Back of the above Banknote, showing the year of issue as "2013".

 The Front of a Rs.500/- Banknote with an "E" Inset issued in 2013. 

 The Back of the above Banknote, showing the year of issue as "2013".

Posted on 03.09.2013:

Dhruv Kumar Seth from Lucknow posed an interesting question the other day to me. What Series number comes after "999999" on an Indian currency Note? Can you answer this one?

Naturally, after having seen and spent so many currency notes all having 6 digits in a serial number, I was somewhat stumped. The answer is simple - "1000000", so as to make the last packet of banknotes a complete 100 pieces. Here is a picture of two Rs.500 Banknotes issued during the tenure of RBI Governor, Bimal Jalan, both with Fancy numbers , to illustrate what Mr. Seth wanted to share with us.

 Thus, it is interesting to know that every 1000000th Banknote will be carrying 7 numerals/digits in its Serial number, instead of the usual 6. The value of  two similar Banknotes in mint/uncirculated was quoted by dealers at  Rs.5000 in a recent currency/coins exhibition held in Pune, upon my enquiry.
Posted on 05.01.2014:

I have today received a Rs.500/- Banknote signed by the new Reserve Bank of India Governor Raghuram G.Rajan, through Jayant Biswas, who had travelled to Mumbai, and has collected this Banknote for me, from an ATM. Rs.500/- Banknotes signed by the new Reserve Bank of India Governor have been put into circulation during November/December 2013, but have yet to reach several users. This is one of the first few Banknotes to be put into circulation:

 
The Front of the Rs.500/- Banknote signed by Mr. Rajan, RBI Governor. This Note has a Plain Inset.

The Back of the above Banknote showing the year of issue as 2013.


Posted on 23.01.2014:

Reserve Bank of India has now decided to withdraw all currency notes issued prior to 2005, without specifically mentioning that these Banknotes will cease to be legal tender. From April 2014 all Banks will accept and exchange pre-2005 Banknotes. These Banknotes are easily identified by the absence of the year of printing on the Back of the Note. RBI estimates that the maximum number of fake currency Banknotes are from the period prior to 2005. From 01.07.2014, to exchange more than 10 pieces of Rs.500/- and Rs.1000/- banknotes, non-customers will have to furnish identity and address proof to the Bank Branch.  However, it is expected that later on RBI will issue a communication advising users the final date upto which Banknotes prior to 2005 will be accepted by the Bank. 

Therefore, please start examining the year of issue"at the back of the currency Notes passing through your hands, so as not to face the inconvenience of going to a Bank Branch for returning the currency issued prior to 2005.

While this is a welcome step, RBI needs to have a policy in place to take the remaining counterfeit Banknotes issued after 2005, like changing/revamping the Front and Back designs, adding more effective security features etc. so as not to put users at risk of accepting counterfeit currency Banknotes.

 Posted on 03.03.2014:   

   The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public.

  
RBI has further clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender till that date.

Posted on 11.06.2014: 

 Today, I received my first Rs.500/- Banknote through genaral circulation, which has been issued under RBI Governor, Raghuram G. Rajan's signature in 2014.

 The Front of the Rs.500/- Banknote signed by Mr. Rajan, RBI Governor. This Note has a Plain Inset.

The Back of the above Banknote showing the year of issue as 2014.

Posted on 31.12.14:

The Reserve Bank of India (RBI) has extended the deadline for turning in pre-2005 Banknotes to 30.06.2015. While these Banknotes would be treated as legal tender upto this period, but RBI would destroy them as and when they come into Bank branches. 

RBI has sought the general public’s cooperation and urged them to deposit the old design Banknotes in their Bank accounts or exchange them at a bank branch convenient to them.

RBI has further mentioned that the Banknotes can be exchanged for their full value till this date. Check out all your Banknotes and deposit all such Banknotes ( i.e. without the year of issue printed at the back) at convenient Bank branches before the scheduled date.

Posted on 25.02.2015: 
Dennis and Maggie are visiting us since 24.02.15. They have given me the following Banknotes for my collection:

The Front of the Rs.500/- Banknote signed by Mr. Rajan, RBI Governor. This Note has an "E" Inset. 

The Back of the above Banknote showing the year of issue as 2014.

 

The Front of the Rs.500/- Banknote signed by Mr. Rajan, RBI Governor. This Note has an "R" Inset.

 The Back of the above Banknote showing the year of issue as 2014.

With these Banknotes, I have all Insets of Rupees Five Hundred banknotes issued under Mr. Rajan's signature so far. 

Posted on 26.06.2015:

The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. It had, in December 2014, set the last date for public to exchange these notes as June 30, 2015.

Soliciting cooperation from members of public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. 

The Reserve Bank has further stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.

Posted on 03.07.2015:

I have acquired my first Rs.500/- Banknote issued in 2015 from the local Post Office today.

The Front of the Rs.500/- Banknote signed by Mr. Raghuram G. Rajan, RBI Governor issued in 2015. This Note has a "Plain" Inset. 

The Back of the above Banknote showing the year of issue as 2015.

Posted on 02.10.2015: 

    On 24.09.2015, Reserve Bank of India (RBI)  has notified that Banknotes in the Mahatma Gandhi series 2005 are being issued with a new numbering pattern and special features for the visually challenged persons in the denominations of Rs.100/-, Rs.500/- and Rs.1000/-.

   These new design Banknotes will contain a new numbering pattern in which the numerals in both the number panels will ascend in size from left to right, while the first three alphanumeric characters (prefix) will remain constant in size. Printing of the numerals in ascending sizes (also called exploding font) is a visible security feature in the Banknotes so that users can easily distinguish counterfeits from genuine Banknotes.

  Special features have been included for the visually challenged persons in order to make it easier for them to identify different denominations of Banknotes: 

   The size of the identification mark in Rs.100/- (triangle), Rs.500/-(circle) and Rs.1000/- (diamond) denominations has been increased by 50 per cent and angular “bleed lines” – 4 lines in 2 blocks in Rs.100/-, 5 lines in 3 blocks in Rs.500 (2-1-2) and 6 lines in Rs.1000/- (1-2-2-1) denominations have been introduced. (All these lines will be printed using intaglio printing – which is a state–of–the–art technology in which the security paper is perforated and printing ink is incised into the paper). Visually challenged persons will be able to feel these lines more easily so as to recognise the denomination/value of these Banknotes and easily distinguish between fake and genuine Banknotes. 

        Illustrations of Rs.500/- and Rs. 1000/- Banknotes with the new designs and explanation.

    The design of Banknotes of these 3 denominations is similar in all respects to the earlier issues of the Mahatma Gandhi 2005 Series.

    RBI has further advised that all the Banknotes in these denominations issued by RBI earlier will continue to be legal tender except those printed brior to 2005 which cease to be legal tender wef 31.12.2015.

    In addition to these security features these Banknotes will have moving images and colour variations with distinct contrasts visible to the naked eye when tilted at different angles, while some security features will be invisible to the naked eye and be only machine readable.

   These additional security features will strengthen the recently introduced Banknotes on an experimental basis where Rs.100/- and Rs.500/- Banknotes have been issued for general circulation with numerals in ascending size from left to right in the number panels but without the bleed lines.

    These measures are being taken so as to raise the bar for counterfeiters and make it extremely difficult, if not impossible, to print fake Indian Currency Banknotes.
 Dennis has forwarded this communication jointly released by the Ministry of Consumer Affairs, Food and Public Distribution and Reserve Bank of India which aims at familiarising the users with the new changes which are in place in the currency notes of Rs.100/- Rs.500/- and Rs. 1000/- denominations which we will all be using in the near future. Already Banknotes of these designs are being put into circulation and you may come across them in daily usage.

Posted on 23.12.2015:
I have yesterday received the undernoted Banknote from Hirakda (Mr. Hirak Mukherjee) which exhibits the exploding font Serial numbers, but no Bleed lines:

The above is an image of a Rs.500/- Banknote , bearing  an "E" Inset and Serial No. ODD 179312 , in an "Exploding Font" format, but not exhibiting the five "Bleed lines", which have been introduced in later Banknotes which are now going to be in circulation. Banknotes like the one above are a kind of "experimental Banknotes" with "Exploding Fonts" which have been introduced by RBI in very small quantities and are much sought after by Banknote Collectors.

 The Back of the above Banknote exhibits no change from earlier/later issues.
Posted on 09.11.2015:

I have just now received  a Rs.500/- Banknote from Jayant Biswas exhibiting the "five Bleed lines" on both sides of the Front of the Banknote as well as the exploding font features:

 Notice the five "Bleed Lines" in a 2-1-2 format on both sides of this Banknote. This Banknote is issued with a "Plain" Inset. Also notice that the Serial Number "1 AH 753108" is in an "exploding font" style. Also, the size of the "circle" as an Assist for the visually challenged persons has been somewhat made larger. Get ready to see more of these Banknotes in usage, as they will now replace the older pattern.

 The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2015". 

Posted on 06.02.2016:
 Ayesha and Zaheer Hasan have sent me images for the recently introduced Rs.500/- Banknotes with "E" and "L" Insets:

 This Banknote is issued with an "E" Inset. Also notice that the Serial Number "9BC 351360" is in an "exploding font" style. Notice the five "Bleed Lines" in a 2-1-2 format on both sides of this Banknote.

 The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2015".

 This Banknote is issued with an "L" Inset. Also notice that the Serial Number "1BA 558972" is in an "exploding font" style. Notice the five "Bleed Lines" in a 2-1-2 format on both sides of this Banknote.

  The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2015".
Posted on 11.04.2016:
I have today acquired a Rs.500/- Banknote exhibiting the "five Bleed lines" on both sides of the Front of the Banknote as well as the exploding font features issued in 2015:

 This Banknote is issued in 2015 with an "E" Inset. Also notice that the Serial Number "0 DK 424268" is in an exploding font" style with the 5 Bleed lines on either side of this face. 

  The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2015" .

 This Banknote is issued in 2016 with an "E" Inset. Also notice that the Serial Number "0 AQ 683445" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2016" .

Posted on 09.05.2016:

Zaheer Hasan have sent me images for the recently introduced Rs.500/- Banknotes with "Plain" "L" and "R" Insets all issued in 2016 as under:

This Banknote is issued in 2016 with a "Plain" Inset. Also notice that the Serial Number "2 EQ 066486" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2016" .

 This Banknote is issued in 2016 with an "L" Inset. Also notice that the Serial Number "0 DC 080385" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2016".

 This Banknote is issued in 2015 with an "R" Inset. Also notice that the Serial Number "4 AB 829855" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2015".

 This Banknote is issued in 2016 with an "R" Inset. Also notice that the Serial Number "6 BE 952432" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of this Banknote is identical to previously issued designs and exhibits no change. It shows the year of issue as "2016".

Posted on 09.11.2016:

Fighting Black Money in India:

After the recently closed Black Money Voluntary Disclosure Scheme, which closed on end September 2016, the Government of India has brought in a major step on 08.11.2016 in its war against corruption, terrorism and black money. 

Before the present Government took over the reins of Government about two years ago, India ranked around 100 in global rankings of corruption. Presently, it ranks 76^th. 

Black Money estimated at about Rs.1.25 lakh crores has been brought back to India according to Indian Prime Minister Narendra Modi. Nevertheless, this is not an exemplary position to be in, as such, the Government has taken some drastic measures:

The Indian Prime Minister Narendra Modi in a televised address to the nation on 08.11.2016 evening announced the demonetisation of the presently circulating higher denominations of currency viz. Rs.500/- and Rs.1000/- with effect from the coming midnight i.e. midnight of 08.11.2016. He stated that the Banknotes of these denominations will “just be worthless pieces of paper”. The Banknotes of all the lower denominations of Rs.100/-, Rs.50/-, Rs.20/-, Rs.10/-, Rs.5/-, Rs.2/- and Re 1/- and all coins will continue to be accepted as legal tender. In addition, new Banknotes in the denominations of Rs.2000/- and Rs.500/- will be introduced.

Also, there will be no change in any other form of currency exchange i.e. cheques, Demand Drafts, credit card or debit card payments.

This has been necessitated as the Government has been fighting the menace of black money and corruption over the past two years when it was voted to power.

To facilitate the smooth transition to the new money regime, Banks will be closed on 09.11.2016.

Presently, Rs.500/- and Rs.1000/- Banknotes which have been demonetised account for 86.4 % of the total value of Banknotes which were in circulation as of 31.03.2016.

Some instances, where the Rs.1000/- and Rs.500/- old Banknotes can still be used:

Existing Rs.500/-  and Rs.1000/- Banknotes will be accepted till 11.11.2016 at Government hospitals, pharmacies in Government hospitals (with prescriptions), Railway counters, Government buses, Airline counters, petrol pumps, Cooperative stores run by Government, milk booths of State agencies, crematoria and burial grounds.

The result of this announcement:

I saw huge crowds of four wheelers and two wheelers at petrol pumps which stayed open, but several petrol pumps closed before time.

Two Shopping Malls in the vicinity of my residence remained open till midnight and saw unprecedented rush of shoppers, as Banknotes of Rs.1000/- and Rs.500/- denominations remained legal tender till midnight of 08.11.2016.

Several persons stood patiently in serpentine queues to withdraw small denomination Rs.100/- Banknotes to meet their expenses over the next few days, as a result, several ATMs went out of cash.

What else?

On 9^th and 10^th November 2016, ATMs will not work, as smaller denomination banknotes will be arranged for by the ATM Management Groups/Banks.

All Banks will remain closed on 09.11.2016.

From 10.11.2016 to 31.12.2016, customers can deposit Banknotes of Rs.500/- and Rs.1000/- in any Bank or Post Office. However, there is a condition – the depositor will have to show a proof of identity. One can deposit any amount into one’s own account, but if KYC documents have not been submitted, the limit is Rs.50,000/-

This condition will be relaxed somewhat, as after 31.12.2016, one can still deposit old Banknotes with valid ID proof at specified offices of RBI, to be intimated later, till 31.03.2017.

No restrictions on payments by cheques, DD, debit/credit cards & Electronic Fund  Transfer (EFTs) has been made.

From 10.11.2016, Banks and Post Offices will operate for extended hours to facilitate the unprecedented rush of deposit of the cash  into deposit accounts.The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

Depositors can withdraw up to Rs.2,000/- per day per card from ATMs till November 18 and Rs.4,000/- per day per card after this date.

The ATMs will resume functioning from November 11, 2016 upon their recalibration to dispense bank notes of the denominations of Rs.50/-, Rs.100/- Rs.500/- and Rs.2,000/-
Further, so as to ensure customer convenience, banks are also advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till 30 Dec 2016. It has also been decided that banks may fix a limit of Rs 2000/- per day per card withdrawal limit at ATMs, for all their customers, till November 18, 2016.  For deposits being made at Banks and other establishments, please note, that one will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

Thereafter, one can withdraw up to Rs.10,000/- per day and Rs.20,000/- per week either through withdrawal slips, cheques or through ATMs from Banks till 24.11.2016. After this date, the limit will be raised.

Depositors can withdraw up to Rs.2,000/- per day per card from ATMs till November 18 and Rs.4,000/- per day per card after this date.

Thereafter, one can withdraw up to Rs.10,000/- per day and Rs.20,000/- per week from Banks till 24.11.2016. After this date, the limit will be raised.

Freshly designed Banknotes of Rs.500/- and Rs.2000/- with chips in them will be introduced on Thursday, i.e. 10.11.2016.

One can contact the following RBI & Government helpline numbers for any query – 022-22602201 and 022-22602944 (RBI) and Ministry of Finance: 011-23093230.

Property prices could drop substantially in the secondary market, as there is an estimated 60:40 (Legal-to-Black money ratio) in operation as at present.

This step is also aimed at stamping out the menace of corruption and terror funding, as terrorists from across the border have been using fake currency notes.

A word of caution:

One can also deposit the demonetised currency in someone else’s account with written authorisation and one’s ID proof.

The Government/RBI has cautioned citizens against exchanging other person’s unaccounted cash at Banks/Post Offices. Security cameras will monitor transactions at branches and the exchange will be recorded.

Introduction of the new denominations of Rs.2000/- and R.500/-:

Reserve Bank of India has yet to decide the limit of Banknotes of higher value i.e. Rs.2000/- and Rs.500/- which will be put into circulation from 10.11.2016.
 Reserve Bank of India has yet to decide the limit for individuals for possession of Banknotes of higher value i.e. Rs.2000/- and Rs.500/- which will be put into circulation from 10.11.2016.

 The Front of the new Rs.2000/- Banknote which is now going to be in circulation wef 10.11.2016    

The Back of the new Rs.2000/- Banknote shows the Mangalyaan which is the Mars Orbiter   

The salient features of the new Rs.2000/- Banknotes are:

The Series will be called the Mahatma Gandhi (New) Series.

The Banknotes will bear the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will start from 2016 which will be printed on the Back of the Banknote.
The new denomination has the motif of the "Mangalayan" on the Back, which is India's first venture in inter-planetary space.
The base colour of the Banknote is magenta .
The Banknote has other designs, geometric patterns aligning with the overall colour scheme, both on the Front and Back. 

Other important features of the Banknote:

On the Front: See through Register with denominational numeral 2000

Latent image with denominational numeral 2000

Denominational numeral 2000 in Devnagri

Portrait of Mahatma Gandhi at the centre

Micro letters “RBI” and “2000” on the left side of the Banknote

Windowed security thread with inscriptions “Bharat” (in Hindi), RBI and 2000 on Banknotes with colour shift. Colour of the thread changes from green to blue when the Banknote is tilted

Guarantee Clause, RBI Governor’s signature with Promise Clause and RBI emblem towards the right

Denominational numeral with Rupee symbol “R 2000” in colour changing ink (green to blue) on bottom right, Ashoka Pillar emblem on the right.

Watermarks: Mahatma Gandhi portrait and electrotype (2000).

Number panel with numerals growing from small to big on the top left side and bottom right side

For visually impaired:

Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, Bleed lines and identity marks.

Horizontal rectangle with “R2000” in raised print on the right.

Seven angular bleed lines on the left and right side in raised print

Other features:

Year of printing on the Banknote on the left

“Swachh Bharat” logo with slogan

Language Panel towards the centre

Motif of Mangalyaan

Denominational numeral “2000” in Devnagri

Size/Dimensions of the Banknote: 166 mm x 66 mm

The Front of the new Rs.500/- Banknote which is now going to be in circulation wef 10.11.2016   

The Back of the new Rs.500/- Banknote shows the Red Fort in New Delhi
 The salient features of the new Rs.500/- Banknotes are:

The Series will be called the Mahatma Gandhi (New) Series.

The Banknotes will bear the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will start from 2016 which will be printed on the Back of the Banknote.
The new Banknote is different from the present series in colour, size, theme, location of security features and design elements.
The colour of the Banknote is stone-grey.
The Banknote has a pre-dominant new theme - Indian heritage site - Red Fort.

On the Front: See through Register with denominational numeral 500

Latent image with denominational numeral 500

Denominational numeral 500 in "Devnagri"

 Portrait of Mahatma Gandhi at the centre

Micro letters “RBI” and “500” on the left side of the Banknote

Windowed security thread with inscriptions “Bharat” (in Hindi), RBI and 500 on Banknotes with colour shift. Colour of the thread changes from green to blue when the Banknote is tilted

Guarantee Clause, RBI Governor’s signature with Promise Clause and RBI emblem towards the right

Denominational numeral with Rupee symbol “R 500” in colour changing ink (green to blue) on bottom right, Ashoka Pillar emblem on the right.

Watermarks: Mahatma Gandhi portrait and electrotype (500).

Number panel with numerals growing from small to big on the top left side and bottom right side

For visually impaired:

Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, Bleed lines and identity marks.

Horizontal rectangle with “R500” in raised print on the right.

Five angular bleed lines on the left and right side in raised print

On the Back:

Year of printing on the Banknote on the left

“Swachh Bharat” logo with slogan

Language Panel towards the centre

Motif of Red Fort, New Delhi

Denominational numeral “500” in Devnagri

Size/Dimensions of the Banknote: 150 mm x 63 mm  

 

  A cartoonist's impression of how the demonetised Banknotes can be used - by eating snacks on them.

This is a handy chart showing the various dates and options available to the customers/depositors  

This form is to be filled in , in case the demonetised currency is being deposited in a non-home Branch/Post Office. 
Posted on 10.01.2017:

This Banknote is issued in 2016 under the newly introduced "Mahatma Gandhi (New) Series" has been issued with an "E" Inset. As in the previous Series, the Serial Number "0AE 941962" is in an exploding font" style with the five bleed lines on either side of this face. 

The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission" allegorically symbolising not only a "Clean India" but also getting the country rid of the Black Money/Parallel economy menace which the introduction of this higher denomination new series of Banknotes, aims to achieve. The Year of issue "2016" has been placed in the left margin

 This Banknote is issued in 2016 under the newly introduced "Mahatma Gandhi (New) Series" has been issued with an "L" Inset.

 The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission". The year of issue is 2016
Posted on 06.02.2017:

I have acquired the following Banknote at a petrol pump today:

This Banknote is issued in 2016 under the newly introduced "Mahatma Gandhi (New) Series" has been issued with a "Plain" Inset.

 The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission". The year of issue is 2016. Now I am only missing a Rs.500/- Banknote issued with an "R" Inset in 2016 from my collection.
Posted on 21.02.2017:

I have received the following Banknote from an ATM in my locality. This Banknote has been issued in 2017. The intriguing part about this issue is that no RBI "Press Notification" has been issued/posted on the RBI website till yesterday evening, as per the normal practice followed by RBI:

 This Banknote is issued in 2017 under the newly introduced "Mahatma Gandhi (New) Series" has been issued with an "L" Inset.

 The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission". The year of issue is "2017".
 Posted on 24.03.2017:

I have collected the following Banknote from the local Post Office yesterday:

This Banknote is issued in 2017 under the "Mahatma Gandhi (New) Series" has been issued with a "Plain" Inset.

 The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission". The year of issue is "2017".
Posted on 27.03.2017:


My friend Dennis Ksing from Gurgaon (present day Gurugram) has sent me images of the following interesting Banknote with a "*" in its number panel, issued under the signature of Urjit Patel, present RBI Governor. "*" series banknote packets have 100 pieces as usual, but these are not in Serial order.

They are issued in lieu of misprinted Banknotes to keep tabs on how many error notes were printed at the particular Printing Press and whether any corrective measures are required to be implemented.

The Star Series Banknotes look exactly like the existing Mahatma Gandhi Series Banknotes, but have an additional character viz., a * (star) in the number panel in the space between the prefix and the number.

The packets containing these Banknotes are, therefore, not serially numbered but contain 100 Banknotes as usual.

To facilitate easy identification of the Banknote packets containing "star" marked packets, the bands on such packets clearly indicate the presence of such Banknotes in the packet & carry a message "Contains non-Serially Numbered Notes with * in the number panel".

Interestingly, these Banknotes command a much higher premium than their face value ( three to ten times their face value) and some of them can even fetch Rs.15,000/- to Rs.50,000/- in mint condition depending on their rarity and are much sought after by Collectors.

 "Star" Banknotes in the Rs.500/- denominations are being issued for the first time. "Star" Banknotes in denominations of Rs.10, 20, 50 and 100 are already in circulation.

The above Banknote issued by an ATM in Gurgaon bears a Serial No. "7LM *785628" and has been issued with an "E" Inset. Interestingly, several users thought that this was a "defective Banknote" and "quietly" put them back into circulation.

This Banknote being  one of the first Star Series Banknote in the Rs.500/-, "Mahatma Gandhi (New) Series" and in mint fresh condition, in my view should be worth at least three/four times its face value for collectors.

 The Back of the above Banknote shows no change and bears the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission" as in regular issues. The year of issue is "2017". This Banknote is very much legal tender and should be treated as a "collector's item" in case you come across one of these Banknotes.

Posted on 01.04.2017:


Yesterday I came across this Rs.500/- Banknote, which was brought for my collection from New Delhi by Neeru Dutt:

 The above Banknote issued in 2017 bears a Serial No. "0HP 082693" and has also been issued with an "E" Inset, but without the "Star" in its Serial number, indicating that this is a normal issue.

 The Back of the above Banknote shows no change and bears the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission". The year of issue is "2017".

Posted on 02.07.2017:
I have acquired this Banknote from an ATM yesterday. It has been notified by Reserve Bank of India for being put into circulation vide a Press Release on 13.06.2017:

 This Banknote bearing Serial No. "6AP 428157" is issued in 2017 under the "Mahatma Gandhi (New) Series" has been issued with an "A" Inset. I was quite surprised to see this Banknote come out of an ATM in Pune, considering that it has been released into circulation only about two weeks ago.

 The Back of  this Banknote shows the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat Mission". The year of issue is "2017".
 

Posted on 05.07.2017:

 This morning, a very strange thing happened. I was  standing before an open wooden almirah in my bedroom, sorting out some circulation Notes deciding on which ones will go into my collection and which ones will be spent, when suddenly, I was "hit on the head" with my folded yoga chair, Yoga mat and Yoga sheet, falling from the top shelf where these items are normally kept. I got disbalanced a bit and sprawled on the floor and the whole lot of Banknotes fell from my hands and got spread all over the floor too.

Just as I was readying  to pick myself up & to collect the dropped Banknotes, my eyes fell on this Rs.500/- Banknote, lying just in front of me. To my surprise, I noticed that it had been issued with a * in its number panel. It had been there in my collection all along & I had not seen it thus far. It was as if my "guardian angels" were showing me this Banknote by "design". I simply do not remember how this Banknote came into my possession, but I am now the "proud owner" of this "rediscovered" Rs.500/- * Series  Banknote, which is the first such one  in my collection:

 The above Banknote  bears a Serial No. "2RD*330141" and has been issued with a "Plain" Inset. This Banknote is one of the first few issued in the Rs.500/-, "Mahatma Gandhi (New) Series" and is in mint fresh condition.

The Back of the above Banknote shows no change and bears the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission" as in regular issues. The year of issue is "2017".

Posted on 04.11.2017:

Yesterday I collected the undernoted Rs.500/- Banknote from an ATM:

 The above Banknote  bears a Serial No. "2FQ 195305" and has been issued with an "R" Inset in 2017. This Banknote is issued in the Rs.500/-, "Mahatma Gandhi (New) Series" and is slightly worn out.

The Back of the above Banknote shows no change and bears the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission" as in regular issues. The year of issue is "2017".

Posted on 17.11.2017:

Two days ago, I was given the undernoted Rs.500/- Banknote at the local Post Office. This Banknote was issued in 2016, with an "R" Inset. Acquisition of this Banknote completes my collection of all the Rs. 500/- Notes Insets which have been issued since November 2016:

The above Banknote  bears a Serial No. "7AG 297345" and has been issued with an "R" Inset in 2016. This Banknote is issued in the Rs.500/-, "Mahatma Gandhi (New) Series" and is slightly worn out.

The Back of the above Banknote bears the motif of the Red Fort in New Delhi and the logo of the "Swachh Bharat mission" as in regular issues. The year of issue is "2016".

Posted on 02.01.2018:

I have yesterday acquired a Rs.500/- Banknote issued with an "S" Inset:

This Banknote bears a Serial No. "3CT 770101" and bears an "S" Inset. It has been issued in 2017 and bears all the features incorporated in the "Mahatma Gandhi New Series"

The Back of the above Banknote bears the motif of the Red Fort and the logo of the "Swachh Bharat Mission" and the year of issue "2017".

Posted on 27.04.2018:

Day before yesterday, I was given an interesting, rather worn out Banknote in the Rs.500/- denomination, which has  been issued with an "F" Inset:

This Banknote has been issued with the Serial no. "2AC 845341" and bears an "F" Inset. This is the first time that I have come across a Banknote with this Inset. 

The Back of the above Banknote bears the motif of the Red Fort and the logo of the "Swachh Bharat Mission". The year of issue is "2017"



Posted on 26.07.2018:

I acquired the undernoted Rs.500/- Banknote from an ATM in the neighbourhood yesterday. It is my first acquisition of a Banknote of this denomination issued in 2018:

This Banknote has been issued under the signatures of present RBI Governor, Urjit R. Patel  has the Serial No. "4UB 822925" and bears an "L" Inset. 

The Back of the above Banknote bears the motif of the Red Fort and the logo of "Swachh Bharat Mission" and exhibits the year of issue as "2018"

Posted on 09.09.2018:

I picked up this Banknote issued in 2018 at a shopping mall, while getting change for a Rs.2000/- Banknote:

This Banknote issued under the signatures of Dr. Urjit R. Patel, present RBI Governor bears the Series No. "8NC 910442" and has been issued with an "S" Inset in 2018. This Banknote exhibits all the design elements seen in recently issued Banknotes 

The Back of this Banknote bears the year of issue as "2018" and exhibits all the design elements of recently issued Banknotes

Posted on 20.09.2018:

I collected the following Rs.500/- Banknote a few days ago from a bookshop:

The Front of the above Rs. 500/- Banknote with the Serial No. "6CK 845948"  has been issued with an "F" Inset in 2018, under Dr. Urjit R. Patel's signatures and exhibits all the design elements of recent issued Banknotes of this denomination in this Series

 The Back of this Rs.500/- Banknote bears the year of issue "2018" and exhibits all the design elements of recent issues Banknotes of this denomination in this Series

Posted on 15.12.2018:

The following Banknote was collected by me from a nearby ATM, which usually gives out very worn out Banknotes. This one was surprisingly in mint condition:

The Front of the above Rs.500/- Banknote with the Serial No. "0UE 921659" has been issued with an "A" Inset in 2018. This is perhaps one of the last few issues which bear the signatures of Dr. Urjit R. Patel, the ex-RBI Governor who quit the RBI Governor's post just last week. This Banknote exhibits all the design elements of recently issued Rs.500/- Banknotes

The Back of the above Banknote shows the year of issue as "2018" and is identical to recently issued Banknotes of Rs.500/- denomination

Posted on 20.01.2019:

I was given the undernoted Banknote from a nearby ATM yesterday:

The Front of the Banknote issued with an "M Inset" and having the serial no. "6BD 652052" bears the signatures of the previous RBI Governor Dr. Urjit R. Patel. This banknote too bears all the design elements of the Mahatma Gandhi "New" Series of Banknotes of this denomination. This banknote has been issued in 2018.

The Back of the above Rs.500/- Banknote shows the year of issue as "2018" at left centre and is identical to the current issues in this denomination 

Posted on 20.07.2019:

The Front of the Banknote issued with a "B Inset" and having the Serial no. "7AS 804483" bears the signatures of the previous RBI Governor  Dr. Urjit R. Patel. This Banknote is identical in design to the previously issued Banknotes in the  Mahatma Gandhi "New" Series of Banknotes of this denomination.

The Back of the above Rs.500/- Banknote exhibits the year of issue as "2018" at centre left and is identical to previously issued Banknotes of this denomination

Posted on 22.08.2019:

Zaheer Hasan who is an avid Banknote Collector, has sent me the following images of Rs.500/- denomination Banknotes in his collection, issued in 2019 under the signatures of the present RBI Governor - Shaktikanta Das:

The Front of this Banknote issued with a "Plain Inset" and having the Serial No. "BM 785516" bears the signature of Shri Shaktikanta Das, present RBI Governor. This Banknote is identical in design to the previously issued Banknotes in the Mahatma Gandhi "New" Series of Banknotes of this denomination

The above Rs.500/- Banknote has been issued with an "E Inset" and bears the Serial No. "1ND 282687" and the signatures of Shri Shaktikanta Das, present RBI Governor

This Rs.500/- Banknote has been issued with an "R" Inset under the signatures of Shri Shaktikanta Das and bears the Serial no. "4AH 503391".

All three of the above Rs.500/- Banknotes exhibit the year of issue as "2019" at centre left and are identical to the previously issued Banknotes in the Series of this denomination

Posted on 11.07.2021:

I am updating this post after quite some time, especially after the Wuhan Virus Pandemic kept me indoors. This update contains a few Banknotes issued by Reserve Bank of India during 2020 and 2021:

This Rs.500/- Banknote has been issued with an "L" Inset under the signatures of Shri Shaktikanta Das, RBI Governor, and bears the Serial no."2KS 822999" in 2020.

The Back of the above Rs.500/- Banknote exhibits the year of issue as "2020" at centre left and is identical to previously issued Banknotes of this denomination

This Rs.500/- Banknote has been issued with an "L" Inset under the signatures of Shri Shaktikanta Das, RBI Governor, and bears the Serial no."3VW 802895" in 2021.

The Back of the above Rs.500/- Banknote exhibits the year of issue as "2021" at centre left and is identical to previously issued Banknotes of this denomination.

Some interesting links on Indian coins on this Blog:

1) Independent India issues: The evolution of the One Rupee Coin, the staedy building block of the Indian Monetary System

2) The Frozen Series and the early Indian Government issues

3) The Indian Coinage Act 1957 and the Decimal Series - 1957-64

4) The Aluminium Series 1964-1999

5) Independent India issues: The introduction and experiments of social themes on the two-rupee coins

6) Foreign mints which have minted coins for India and identification of their mint marks

7) Indian Mints & their mint marks

8) The introduction and stabilisation of the Five Rupee Coin in the Indian context

9) Independent India issues: 25 Paise Coins: the journey from usage over five decades to stepping into history

10) Fifty Paise Coin: The lowest denomination coin presently in circulation: Is it next on the chopping block?

11) Post Independence India Issues: Commemorating Sports in Indian Coinage

12) A Proof Coin set of Indian Coins from 1973, issued by the then Bombay Mint (present day Mumbai Mint), which includes Coins in the denominations of 1 Paise to 20 Rupees 

 Links to other posts on Indian Currency/Banknote denominations on this blog:

1) Introduction of the new Rs.2000/- denomination in Indian Currency circulation wef 10.11.2016 

2) Classification and Valuation of Rs.1000/- denomination Banknotes 

 3) Classification and Valuation of Rs.500/- Banknotes

  4)Classification and Valuation of Rs.100/- Notes

5) Classification and Valuation of Rs.50/- Notes 

6) Classification and Valuation of Rs.20/- Notes 

7) Classification and Valuation of Rs.10/- Notes 

8) Classification and Valuation of Rs.5/- Notes 

9) Evolution and Valuation of one Rupee Banknotes in India

10) Did-you-know-series-1: Assists for identification of Currency Notes by visually challenged users 

11) Did-you-know-series-2-what-is-design-or focus of the picture at the back of circulating Currency Notes in India? 

12) Are you carrying a Fake Rs.500/- Banknote in your purse/wallet?: A comprehensive study 

13) Introduction of a Rs.200/- Banknote wef 25.08.2017: Reasons for introduction, Necessity & convenience to Users