A section of the press has reported that the Reserve Bank of India will withdraw from circulation the old series of notes in the denomination of Rs. 500 within two months, and replace them with a new series of notes.

The Reserve Bank of India clarifies that there is no intention whatsoever of withdrawing from circulation the old series of currency notes in the denomination of Rs. 500. The notes continue to be legal tender and members of public can use all notes in circulation, including the old series.

Alpana Killawala
General Manager

Press Release : 1997-98/1113