Indentations and security features on the new INR500 and INR2000 notes to be issued from Nov11

NewDelhi,Nov9:The government in a surprise move on Tuesday announced that the Rs 500 and Rs 1,000 will be withdrawn. “This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes,” the Reserve Bank of India said in a release.

As part of the move, the RBI will issue new bank notes of Rs 500 and Rs 2,000 denomination.

Here are some features of the new bank notes of Rs 500 denomination, as per the RBI:

  • New Rs 500 notes are different from the present series in colour, size, theme, location of security features and design elements
  • Size of new note is 63mm x 150 mm
  • Colour of the note is stone grey
  • The predominant new theme is Indian heritage site – Red Fort

Here are some features of the new bank notes of Rs 2,000 denomination, as per the RBI:

  • Rs 2,000 notes will be part of Mahatma Gandhi (New) Series
  • New Denomination has motif of the Mangalayan on the reverse, depicting the country’s first venture in interplanetary space
  • Base colour of note is magenta
  • Note has other designs, geometric patterns aligning with the overall colour scheme
  • Size of the new note is 66 mm x 166 mm

What can you do with your existing Rs 500 and Rs 1000 notes?

1) If you have the older Rs 500 and Rs 1000 notes, you can tender them at any office of the Reserve Bank or any bank branch and obtain value thereof by credit into your respective bank account. This window is available from November 10 till the close of banking hours on December 30, 2016 without any limit. This means you will have 50 days to deposit your notes.
2) The value credited to your bank account can be freely used by issue of cheques or by remitting through various electronic modes of transfer like NEFT, RTGS, IMPS, mobile banking, internet banking etc.
3) Notes of value up to Rs 4,000 per person can be exchanged for cash over the counter of any bank branch, head post office or sub post office. Carry a valid proof of identity for availing this exchange facility.