INR 500 | Bank Note | Five Hundred Indian Rupee | Kae Kae | CurrencyStackerKK | India | Asia
500 India Rupee
The Indian rupee (symbol: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India.
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.
In 2010, a new rupee sign (₹) was officially adopted. It was derived from the combination of the Devanagari consonant “र” (ra) and the Latin capital letter “R” without its vertical bar (similar to the R rotunda).
The history of the Indian rupee traces back to ancient India in circa 6th century BCE, ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes with effect from midnight of the same day, making these notes invalid.
A newly redesigned series of ₹500 banknotes, in addition to a new denomination of ₹2,000 banknotes is in circulation since 10 November 2016.
From 2017 to 2019 the remaining banknotes of the Mahatma Gandhi New Series were released in denominations of ₹10, ₹20, ₹50, ₹100 and ₹200.
The ₹1,000 note has been suspended.
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