The Reserve Bank of India issued the new Rs 500 notes on Sunday evening
The Reserve Bank of India issued the new Rs 500 notes on Sunday evening, bring relief to the people struggling for smaller change.
The finance minister via Twitter announced that a new series of Rs. 500 denomination notes have been introduced in New Delhi at SBI Parliament Street Branch. Some branch such as SBI head branch in Delhi has already begun the distribution of these new notes.
Apart from Rs. 2,000 notes only Rs. 100 and below have been available since PM on Tuesday announced the demonetization of the Rs. 500 and Rs.1000 notes. With the new Rs 500 notes, the finance ministry aims at easing the pressure on bank’s cash situation and generate better liquidity in the market.
The chief general manager of SBI, New Delhi, Mr Alok Choudhary said, people need lower denomination notes to purchase essential articles that guarantee elastic payments, and for this reason the introduction and distribution of the new Rs 500 notes were vital.
After the introduction of new Rs. 2,000 notes, people faced trouble because of the lack of change as the shopkeepers refused to accept the new notes saying that they don’t have lower denomination notes.
The central bank statement revealed that the new Rs 500 notes have a signature of the governor of Reserve Bank of India, Urjit Patel. The stone grey coloured note have the year of printing ‘2016’ and Swach Bharat symbol printed on the back side.
The new Rs 500 notes are different from the previous one in colour, theme, size, location of security features and design elements. Plus, it has Red Fort as on image of Indian heritage site along with Indian flag on the reverse.
In the meantime, the Reserve Bank of India claimed that there is enough cash available at the banks in small denominations, and advised the people not be anxious and repetitively draw and store cash.
Since the demonetization of the notes, people have been queuing up outside the banks and ATMs for hours. Banks around the nation continued to struggle in providing money after the government’s decision to withdraw high-dimension money in an attempt to control black money flow.