RBI Instruction: Are 500 and 10 notes going to be discontinued, know the new update by RBI

Are you shocked or scared as soon as you read the title, then there is no need to panic because the notes are not going to be discontinued, but notes of new design are going to come. The Reserve Bank of India (RBI) has announced the release of new Rs 10 and Rs 500 notes, making a new change in the notes of the Mahatma Gandhi series. The move is part of the periodic review of the currency in circulation by the central bank and will bring new designs in which the iconic Mahatma Gandhi picture will remain. The new notes will bear the signature of the newly appointed RBI Governor Sanjay Malhotra.

Key details of the new notes

Design and signature: The new Rs 10 and Rs 500 notes will retain the design elements of the existing Mahatma Gandhi (new) series. They will bear the signature of the current Governor of the Reserve Bank of India, Sanjay Malhotra.

Existing notes to remain valid: RBI has clarified that all previously issued Rs 10 and Rs 500 notes will continue to be legal tender. This means that there will be no demonetisation or withdrawal of old notes.

No impact on old Rs 100 and Rs 200 notes: Earlier, there were speculations about the introduction of new Rs 100 and Rs 200 notes with Governor Malhotra's signature. However, RBI has confirmed that there will be no change in the design of these denomination notes. Only the signature of the new RBI governor will be changed.

Why new notes are issued: RBI issues new notes from time to time for several reasons, such as when old notes get worn out, when the design needs to be updated, or when there is a change in the Reserve Bank's governance.