Indian 500-rupee note

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Five hundred currency
(India)
Value 500
Width 150 mm
Height 66 mm
Security features ks
Paper type ee
Years of printing 10.November 2016 - present
Obverse
India new 500 INR, MG series, 2016, obverse.jpg
Design Mahatma Gandhi
Design date 2016
Reverse
India new 500 INR, MG series, 2016, reverse.jpg
Design Red Fort
Design date 2016

The Indian 500-rupee banknote (500) is a denomination of the Indian rupee. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series. The previous banknotes of the Mahatma Gandhi Series, in circulation between October 1997 and November 2016, were demonetised on November 8, 2016. On 13 June 2017, The RBI will soon introduce new Rs. 500 notes, but the old ones will continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.

History[edit]

The ₹500 banknote denomination was first introduced by the Reserve Bank of India (RBI) in October 1997 in order to contain the increasing number of banknotes in circulation, due to inflation.[1] The note prominently featured the portrait of Mahatma Gandhi instead of the Emblem of India, the Lion Capital of Sarnath. The popularity of this design led to the eventual redesign of the motifs of other Indian banknotes and the introduction of the first Mahatma Gandhi Series banknotes.

On 8 November 2016, Indian prime minister Narendra Modi announced the demonetization of the ₹500 banknotes of the Mahatma Gandhi Series as a measure to fight corruption in India and address the issue of counterfeit banknotes.[2][3][4][5][6][7] On 10 November 2016, the previous banknote was replaced by a new 500 banknote of the Mahatma Gandhi New Series of banknotes.[8]

Mahatma Gandhi New Series[edit]

Design[edit]

The 500 banknote of the Mahatma Gandhi New Series is 66mm x 150mm stone grey coloured, with the obverse side featuring a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem, with a signature of the governor of Reserve Bank of India. It has the Braille feature to assist the visually challenged in identifying the currency. The reverse side features a motif of the Indian heritage site of Red Fort, and the logo and a tag line of Swachh Bharat Abhiyan.[8]

Security features[edit]

  • See through register with denominational numeral 500
  • Latent image with denominational numeral 500
  • Micro letters ‘RBI’ and ‘500’ on the left side of the banknote
  • Windowed security thread with inscriptions ‘भारत’, RBI and 500 on banknotes with colour shift. Colour of the thread changes from green to blue when the note is tilted
  • Denominational numeral with Rupee Symbol, 500 in colour changing ink (green to blue) on bottom right
  • Ashoka Pillar emblem on the right Mahatma Gandhi portrait and electrotype (500) watermarks
  • 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 mark
  • Horizontal rectangle with 500 in raised print on the right

Mahatma Gandhi Series[edit]

Obverse of the 500 banknote between October 1997 - November 2016
Reverse of the 500 banknote between October 1997 - November 2016

Design[edit]

The 500 banknote of the Mahatma Gandhi Series is 167 × 73 mm Orange-yellow coloured, with the obverse side featuring a portrait of Mahatma Gandhi with a signature of the governor of the Reserve Bank of India. It has the Braille feature to assist the visually challenged in identifying the currency. The reverse side features the Salt March.

As of 2011, the new sign has been incorporated into banknote of 500.[9] In January 2014 RBI announced that it would be withdrawing from circulation all banknotes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015. Further deadline was extended until 30 June 2016.[10]

Security features[edit]

The security features of the 500 banknote includes:[11]

  • A windowed security thread that reads 'भारत' (Bharat in the Devanagari script) and 'RBI' alternately.
  • Latent image of the value of the banknote on the vertical band next to the right hand side of Mahatma Gandhi’s portrait.
  • Watermark of Mahatma Gandhi that is a mirror image of the main portrait.
  • The number panel of the banknote is printed in embedded fluorescent fibers and optically variable ink.
  • Since 2005 additional security features like machine-readable security thread, electrotype watermark, and year of print appears on the bank note.

Discontinuation[edit]

Starting from midnight 8 November 2016 all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series ceased to be a form of legal tender after a televised address to India by Prime Minister Narendra Modi.[12]

Languages[edit]

As like the other Indian rupee banknotes, the 500 banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order. Languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Denominations in central level official languages (At below either ends)
Language 500
English Five hundred rupees
Hindi पाँच सौ रुपये
Denominations in 15 state level/other official languages (As seen on the language panel)
Assamese পাঁচশ টকা
Bengali পাঁচশ টাকা
Gujarati પાંચ સો રૂપિયા
Kannada ಐನೂರು ರುಪಾಯಿಗಳು
Kashmiri پاژشھ ھطم رۄپے
Konkani पाचशें रुपया
Malayalam അഞ്ഞൂറു രൂപ
Marathi पाचशे रुपये
Nepali पाँच सय रुपियाँ
Odia ପାଞ୍ଚ ଶତ ଟଙ୍କା
Punjabi ਪੰਜ ਸੌ ਰੁਪਏ
Sanskrit पञ्चशतं रूप्यकाणि
Tamil ஐந்நூறு ரூபாய்
Telugu ఐదువందల రూపాయలు
Urdu پانچ سو روپے

References[edit]

  1. ^ "India Paper Money A Retrospect". Republic India Issues. Reserve Bank of India. Retrieved 2012-01-11. 
  2. ^ "Rs 500 and 1000 currency demonitised: PM Modi". The Indian Express. 2016-11-08. Retrieved 2016-11-08. 
  3. ^ "PM Modi declares Rs 500 and 1000 currency notes to be void from midnight - The Economic Times". The Economic Times. Retrieved 2016-11-08. 
  4. ^ "Rs. 500, Rs. 1000 currency notes to be out of circulation from midnight". The Hindu. 2016-11-08. ISSN 0971-751X. Retrieved 2016-11-08. 
  5. ^ "India's Biggest Crackdown On Corruption: Foreign Media On PM Modi's Move". NDTV.com. Retrieved 2016-11-08. 
  6. ^ "মোদীর ঘোষণা, মাঝরাত থেকেই নিষিদ্ধ ৫০০ ও ১০০০ টাকার নোট -Eisamay". Eisamay. 2016-11-08. Retrieved 2016-11-08. 
  7. ^ সংস্থা, সংবাদ. "বাতিল ৫০০ ও ১০০০ টাকার নোট, ঘোষণা নরেন্দ্র মোদীর". anandabazar.com. Retrieved 2016-11-08. 
  8. ^ a b Alpana Killawala (8 November 2016). "Issue of ₹500 Banknotes (Press Release)" (PDF) (Press release). Reserve Bank of India. Retrieved 8 November 2016. 
  9. ^ "Issue of ₹500 Banknotes with incorporation of Rupee symbol". RBI. Retrieved 26 December 2011. 
  10. ^ "Withdrawal of Currencies Issued Prior to 2005". Press Information Bureau. 25 July 2014. Retrieved 25 July 2014. 
  11. ^ "Are there any special features in the banknotes of Mahatma Gandhi series- 1996?". Your Guide to Money Matters. Reserve Bank of India. Archived from the original on 12 January 2012. Retrieved 11 January 2012. 
  12. ^ Spotlight (2016-11-08), [English]PM Modi's Surgical Strike on Corruption | 500,1000 Rupee Notes Not Legal Tender Anymore, retrieved 2016-11-08