RBI launches new Rs 500 notes |
The Reserve Bank of India (RBI) has issued the new high-security Rs 500 notes on Nov 13 , bringing respite to people struggling for smaller change.New series of Rs 500 denomination notes introduced in New Delhi at SBI Parliament Street Branch. Some branches like SBI Main branch in Delhi already began distribution of Rs 500 notes.Only Rs 2,000 notes, apart from Rs 100 and below, have been available since Prime Minister Narendra Modi t announced the surprise decision to demonetise higher denomination notes.The new 500-note is expected to ease pressure on banks’ cash position and improve liquidity in the market.We need lower denomination notes for purchasing essential articles to ensure flexible payments and for this purpose the introduction of Rs 500 notes and their distribution among the people was essential.
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