The Reserve Bank of India will shortly issue Rs.500 denomination banknotes with inset letter `R' in both numbering panel in Mahatma Gandhi Series – 2005 bearing the signature of Dr. Y.V..Reddy, Governor. Except for the change in inset letter, the design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series with additional/new security features issued in October 21, 2005. All banknotes in the denomination of Rs.500 issued by the Bank after 1987 will continue to be legal tender.