RBI has issued new guidelines regarding the ₹500 note after the ₹2000 note – latest update on 500 Rupee Note
Latest Update on 500 Rupee Note
Recently, the Reserve Bank of India (RBI) issued an important update regarding the ₹500 note. This update came in response to rumors circulating on social media. Let’s explore the full truth of the matter.
Validity of Notes with Star Symbol
The RBI has clarified that ₹500 notes with a star (*) symbol in the middle of the serial number are completely valid. These notes are in circulation just like any other ₹500 note. The bank has requested the public not to doubt the validity of these notes.
Meaning of the Star Symbol
Notes with a star symbol are actually issued for a specific purpose. When there is an error in the printing of a note, a new note with the same serial number is issued in its place, and this new note carries the star symbol. This process has been in place since 2006, and its main aim is to simplify and make the note printing process cost-effective.
Status of the ₹2000 Note
Meanwhile, it is also essential to pay attention to the status of ₹2000 notes. In May 2023, the RBI decided to withdraw these notes from circulation. At that time, ₹3.56 lakh crore worth of ₹2000 notes were in circulation. By September 2024, this amount has been reduced to ₹7,117 crore. However, it is a matter of concern that such a significant amount of notes is still held by the public.
Remembrance of Demonetization
This development reminds us of the demonetization that took place in 2016 when old ₹500 and ₹1000 notes were suddenly withdrawn from circulation. At that time, a new ₹2000 note was introduced, but it too did not remain in circulation for long.
RBI’s Appeal
The RBI has appealed to the public not to pay attention to any rumors. The bank has clarified that notes with a star (*) symbol are entirely legal, and there should be no hesitation in accepting them. If any individual or institution refuses to accept these notes, a complaint can be lodged against them.
Conclusion
In conclusion, it is essential to understand that currency management is a complex process. The RBI regularly issues rules and guidelines regarding notes.
As citizens, it is our responsibility to pay attention to these official notifications and avoid rumors. ₹500 notes, whether they have a star symbol or not, are an important part of our economy, and we should respect them.
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