All you need to know about the new batch of Rs 500 notes issued by RBI

The new batch will have an inset letter 'E' instead of 'A' from the previous batch. The new batch of notes will also have the signature of the new RBI Governor Dr. Urjit R. Patel. RBI claimed that almost 83 per cent of the currency notes post the crackdown had been remonetised.

After issuing a new batch of Rs 500 notes, RBI announced that the design would be the same, only with an inset letter 'A'. Apart from that, it would also bear the signature of Dr. Urjit R. Patel, who is the Governor of RBI along with the year of printing ‘2017’ on the reverse.

The RBI had first introduced the new design after PM Modi announced the demonetisation last November. But that batch had 'E' as the inset letter. In a bid to revamp the entire economic structure of India and to curb black money in the country, the government's had trashed all previous 500 and 1000 rupees notes. As per a report by the Better India, RBI claimed that almost 83 per cent of the currency notes post the crackdown had been remonetised.

Minister of State for Finance Arjun Ram Meghawal had in a reply to a question in the lower house of the Parliament last year had revealed that post demonetisation, there were 17,165 million pieces of Rs 500 notes and 6,858 million pieces of Rs 1,000 notes in circulation. The data on the number of returns of demonetised notes, however, is unavailable.