News Don't Worry It's Not Fake, RBI Just Admitted Some Of The New 500 Rs Notes Are Defective

Don’t Worry It’s Not Fake, RBI Just Admitted Some Of The New 500 Rs Notes Are Defective

If the whole thing around the demonetisation and new currency notes were not messy enough, now it has emerged that there are at least two variants of the new Rs 500 notes in circulation.

These notes weren’t originally supposed to be different but it turned out to be so due to printing errors.

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RBI admits some new 500 rs note are defective

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Also Read : Here’s the list of places where you can still use the old note till December 15

As one can see the alignments of the two currencies are different in multiple locations, and in what seems to be the defective one (top image) the printing has been overlapped in many places.

“It is likely that notes with printing defect has got released due to the current rush. However, people can freely accept such a note in transaction or return it to RBI,” Alpana Killawala, spokesperson of RBI has said.

The clarification comes after multiple reports emerged of people receiving currency notes that looked different, raising suspicion of them being fake. There were also reports that on some of the new Rs 500 notes the ink was fading. However the RBI has made it clear that these notes are genuine.

defective new 500 rs note

The new Rs 500 notes began printing only recently as the earlier focus was on the newly announced Rs 2,000 notes

It is estimated that there were 15.78 billion now devalued notes of Rs 500 denomination were in circulation.

Given the capacity of the currency printing presses all put together, it will take at least 5-9 months to completely replace the old Rs 500 notes.

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