The Reserve Bank of India will shortly issue Rs.500 denomination banknotes with `R' inset letter in both numbering panels in Mahatma Gandhi Series - 2005 bearing the signature of Dr. D. Subbarao, Governor. Except for the change in the inset letter, the design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series - 2005, with additional / new security features issued on October 21, 2005. All banknotes in the denomination of Rs.500 issued by the Reserve Bank in the past will continue to be legal tender

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Press Release : 2008-2009/1473