The Reserve Bank of India has issued the new high-security Rs 500 notes on 13 November. The finance ministry said the new series of Rs 500 denomination notes have been introduced in New Delhi at the SBI Parliament Street branch. Some of the branches of SBI has already started distributing the new notes. The new Rs 500 notes are expected to ease pressure on banks’ cash position and improve liquidity in the market. After the new series of Rs 2,000 notes were introduced, people faced trouble over change as several shopkeepers refused to accept the currency citing scarcity of lower denominated currencies. The new Rs 500 banknotes bear signature of RBI governor Urjit Patel. These notes are different from the earlier ones in colour, size, theme, location of security features and design elements.
