Reserve Bank of India (RBI) has recently issued a new rule regarding ₹ 500 note, about which there is a lot of discussion among the general public. This rule is not only related to the validity and usefulness of the notes, but if it is not followed on time, it can also lead to loss. If you are unaware of this new rule, then this article is very important for you.
In this article we will tell you what this new rule is, what is the objective behind it, and what are the 3 important tasks you have to do by January 10. Additionally, we will also clarify what the consequences may be if this rule is not followed.
What is the new rule on ₹500 note?
RBI has announced that some changes have been made to the ₹500 notes of Mahatma Gandhi (New) Series. The aim of these changes is to prevent counterfeit notes and make the financial system more secure.
Features of new ₹500 note
The new ₹500 note will have the following features:
- Color and Design: Stone-grey color and photo of the Indian heritage site “Red Fort”.
- Security Features: Security thread changing from green to blue.
- Aid for the blind: Embossed printing and identification marks.
- Other changes: The picture of Mahatma Gandhi and other design elements have been slightly changed.
To ensure that all citizens get correct information and avoid fake notes, RBI has advised to complete certain tasks by January 10.
3 important things to do till 10th January
1. Check your ₹500 notes
Carefully check all the ₹500 notes you have. Make sure that they are of the Mahatma Gandhi (New) series and have all the safety features:
- Change in color of security thread.
- Embossed Printing.
- Picture of Red Fort.
If you find any note suspicious, deposit it in the bank immediately.
2. Identify and report fake notes
If you find any fake ₹500 note, report it immediately to the nearest bank or police station. Legal action may be taken for possessing or using fake notes.
3. Change old or damaged notes
If you have old or torn ₹500 notes, deposit them in the bank or exchange them before January 10. After this the banks will not accept these notes.
New rule on ₹500 note: At a glance
| Properties | Description |
|---|---|
| new design | Stone-grey color and red fort |
| Security Features | green to blue thread |
| aid for the blind | embossed printing |
| last date | 10 January 2024 |
| Process for depositing old/torn notes | in bank branches |
| fake note reporting | bank or police station |
Loss due to non-compliance of rules
If you do not complete these necessary tasks by January 10, you may face the following problems:
- Old/torn notes may become invalid: Banks will not accept these.
- Legal action on possession of fake notes: There can be punishment for possessing or using fake notes.
- Economic loss: Invalid or counterfeit notes in your possession will have no value.
RBI’s objective behind this rule
RBI has taken this step so that:
- Fake currency can be stopped.
- Financial transactions can be made secure.
- To make the public aware of new security technologies.
Moreover, the usage of ₹500 notes has increased after the withdrawal of ₹2000 notes. By March 2024, the share of ₹500 notes in total currency had increased to 86.5%. Therefore, it has become very important to ensure their safety.
Is this news real?
This news is completely real. RBI keeps taking such steps from time to time to make the public aware and to make the financial system safe. However, it is important to note that only get information from official sources to avoid any rumor or misleading information.
Disclaimer:
This article has been written for informational purposes only. Please check official sources before making any economic decisions. It is your responsibility to follow the guidelines issued by RBI.
