New 500 rupees note
| (India) | |
|---|---|
| Value | ₹500 |
| Width | 66 mm |
| Years of printing | November 2016 - present |
| Obverse | |
 |
|
| Design | Mahatma Gandhi |
| Design date | 2016 |
| Reverse | |
 |
|
| Design | Red Fort |
| Design date | 2016 |
The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. The current ₹500 banknote, in circulation since November 10, 2016, is a part of the Mahatma Gandhi New Series. The previous banknotes of the Mahatma Gandhi Series, in circulation between October 1997 and November 2016, were demonetized on November 8, 2016. On 13 June, 2017, The RBI will soon introduce new Rs. 500 notes, but the old ones will continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.
The ₹500 banknote denomination was first introduced by the Reserve Bank of India (RBI) in October 1987 in order to contain the increasing number of banknotes in circulation, due to inflation. The note prominently featured the portrait of Mahatma Gandhi instead of the Emblem of India, the Lion Capital of Sarnath. The popularity of this design led to the eventual redesign of the motifs of other Indian banknotes and the introduction of the first Mahatma Gandhi Series banknotes.
On November 8, 2016, Indian prime minister Narendra Modi announced the demonetization of the ₹500 banknotes of the Mahatma Gandhi Series as a measure to fight corruption in India and address the issue of counterfeit banknotes. On November 10, 2016, the previous banknote was replaced by a new ₹500 banknote of the Mahatma Gandhi New Series of banknotes.
The ₹500 banknote of the Mahatma Gandhi New Series is 63mm x 150mm stone grey coloured, with the obverse side featuring a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem, with a signature of the governor of Reserve Bank of India. It has the Braille feature to assist the visually challenged in identifying the currency. The reverse side features a motif of the Indian heritage site of Red Fort, and the logo and a tag line of Swachh Bharat Abhiyan.
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