RBI issues special guidelines for Rs 500 notes having star symbols
The Reserve Bank of India (RBI) has clarified that the 500 rupee notes with a star symbol are valid. These notes are printed to replace defectively printed notes and are legal tender just like any other note.
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Follow500 Rupee Note Holders
There are various news circulating throughout the country regarding currency notes. The central government has decided to withdraw 2000 rupee notes from circulation. The Reserve Bank has been issuing important warnings from time to time regarding the 500 rupee note. The Central Bank has issued an important statement regarding the Rs 500 note with the 'star' symbol. According to the Reserve Bank, the star symbol is printed on notes that are printed to replace misprinted notes.
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500 Rupee Note
In these notes, a star symbol is placed instead of serial numbers. The Reserve Bank has said that notes with star symbols are being replaced in place of misprinted notes in the note bundle. Some news circulating on social media has raised concerns about the validity of notes with star marks on the number panels. The Reserve Bank has issued a statement dismissing this concern.
Star Symbol
The Reserve Bank has said that the note with the star symbol will be in circulation just like other valid notes. The star mark on the note indicates whether the note has been replaced or reprinted. The Reserve Bank has clarified. After the withdrawal of Rs 2,000 notes from the market, the circulation of Rs 500 notes has increased rapidly, according to a statement issued by the Reserve Bank of India (RBI).
Indian 500-rupee note
The circulation of Rs 500 notes has seen a rapid increase in the financial year ended March 2024. According to the Reserve Bank's report, the number of notes increased by 7.8% year-on-year to 14,687.5 crore notes in FY24. Rs 500 notes were the highest among the notes in circulation, increasing by 16.5% year-on-year to 6,017.7 crore notes in FY24. Overall, the number of Rs 500 notes in circulation has increased to 85,432 lakh in FY24.
RBI
In the previous financial year, 5,163.3 crore rupee notes were in circulation. This was followed by Rs 10 notes (Rs 10 notes). In terms of value, the share of Rs 500 notes in circulation increased to 86.5% of the total rupee notes in circulation. This was possible due to the significant reduction in the number of Rs 2000 notes in circulation, the Reserve Bank said.
