The brand new high-security Rs 500 records were released to banking institutions for distribution today and the lenders have recently been asked to make individual arrangements for the seniors.
“New notes of Rs five-hundred denomination notes (were) launched today in New Delhi at SBI Parliament Branch, ” the Ministry of Finance said in a tweet.
Banks have been advised to make separate arrangements for the elderly and women, a senior government official informed PTI.
Some branches like SBI Main branch in Delhi have started circulation of Rs 500 records. Only Rs 2,000 notes, apart from Rs 100 and below, have been available since PM Narendra Modi on Tuesday night announced the surprise decision to demonetise higher denomination notes.
The new 500-note is expected to ease pressure on banks’ cash position and improve liquidity on the market.
Nevertheless, 500 and 2,000 rupee notes dispensed through ATMs will be possible after recalibration of such machines as these are of different sizes. Relating to the central bank statement, the new Rs 500 banknotes bear personal of Reserve Bank of India Governor Urjit Patel.