It has come to the notice of the Reserve Bank that certain newspapers have published news items with lists of series of Rs.500/- denomination notes purported to have been issued by the Reserve Bank of India with the instruction that notes in these series should not be accepted. The Reserve Bank would like to clarify, for public benefit, that it has not issued any list of any series of notes as has appeared in a section of the Press.
RBI reiterates that all Rs.500/- notes issued by it from time to time continue to be legal tender and should be freely accepted by the public and the banks.
Ajit Prasad Manager
Press Release : 1999-2000/1149