RBI to issue new Rs 500 notes

These notes would bear the signature of the central bank governor Y V Reddy, the RBI said in a release in Mumbai on Wednesday.

Except for the change in inset letter, the design for the new notes is similar in all respects to those issued earlier in Mahatma Gandhi series, it said.

Notes (of Rs 500) issued by the RBI since 1987 would continue to be legal tender, it added.