High-security Rs 500 notes released for distribution

NEW DELHI: The lenders have been asked to make separate arrangements for the elderly, The new high-security Rs 500 notes were released to banks for distribution today.

The Ministry of Finance said in a tweet, “New series of Rs 500 denomination notes (were) introduced today in New Delhi at SBI Parliament Street Branch.”

A senior government official told PTI, “Banks have been advised to make separate arrangements for the elderly and wome.”

Some branches like SBI Main branch in Delhi have started distribution of Rs 500 notes.

Since Prime Minister Narendra Modi on Tuesday night announced the surprise decision to demonetise higher denomination notes, Only Rs 2,000 notes, apart from Rs 100 and below, have been available.

The new 500-note is expected to ease pressure on banks’ cash position and improve liquidity in the market.

After recalibration of such machines as these are of different sizes, 500 and 2,000 rupee notes dispensed through ATMs will be possible.

“The new Rs 500 banknotes bear signature of Reserve Bank of India Governor Urjit Patel,” According to the central bank statement.

The new Rs 500 note is different from the earlier in size, colour, theme, location of security features and design elements.

The stone grey-coloured note bears year of printing ‘2016’ and Swachh Bharat logo printed on the reverse.

It has Red Fort as an image of Indian heritage site with Indian flag on the reverse of it.

“The banknote also has features (Ashoka Pillar emblem, intaglio printing of Mahatma Gandhi portrait, circle with 500 in the right, bleed lines, and the identification mark) which enable the visually impaired person to identify the denomination,” it said.