when was 500 rupee note introduced in india
Indian 500-rupee note The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. The current ₹500 banknote, in circulation since November 10, 2016, is a part of the Mahatma Gandhi New Series. The previous banknotes of the Mahatma Gandhi Series, in circulation between October 1997 and November 2016, were demonetised on November 8, 2016. On 13 June, 2017, The RBI will soon introduce new Rs. 500 notes, but the old ones will continue being legal tender. The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset 'A'.
Indian rupee The Indian rupee (sign: ₹ ; code: INR), is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011, 25 paise is no longer considered legal tender. The issuance of the currency is controlled by the Reserve Bank of India.[3] The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire.