RBI to issue 'new' Rs 500 and Rs 10 notes; will old notes be invalidated?

NEW DELHI: The Reserve Bank of India has decided to issue new currency notes of Rs 500 and Rs 10 in the country. The notes will be in the Gandhi series signed by Sanjay Malhotra, who took charge as the new Reserve Bank Governor in December 2024. Sanjay Malhotra took charge as the 26th Governor of the Reserve Bank after Shaktikanta Das stepped down.

The new Rs 500 and Rs 10 notes will be in the Mahatma Gandhi series. When reports of the arrival of new notes came out, many people were concerned about whether they would be able to use the old notes. Even if the new notes arrive, there will be no obstacle to using the old Rs 500 and Rs 10 notes. In March, the Reserve Bank had also decided to issue new Rs 100 and Rs 200 notes. Similarly, new Rs 50 notes are also coming.

However, the notes with the signature of the new governor are coming in the context of his taking office. The notes signed by the previous governor will remain legally valid. The new notes will be a continuation of the existing notes. New notes are being issued only to ensure the continuous flow of money in the market by bringing more notes.

Changing the RBI Governor's signature on notes is just a routine procedure for the RBI. When a new governor takes office, the RBI allows the old notes to continue in circulation and issues notes signed by the new governor.