High-security Rs 500 notes released for distribution

NEW DELHI: The new high-security Rs 500 notes were released to banks for distribution today and the lenders have been asked to make separate arrangements for the elderly.

“New series of Rs 500 denomination notes (were) introduced today in New Delhi at SBI Parliament Street 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 told reporters.

Some branches like SBI Main branch in Delhi have started distribution of Rs 500 notes.

Only Rs 2,000 notes, apart from Rs 100 and below, have been available since Prime Minister 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 in the market.

However, 500 and 2,000 rupee notes dispensed through ATMs will be possible after recalibration of such machines as these are of different sizes. (AGENCIES)

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