RBI to issue Rs 500 notes packets in non-sequential order soon

Mumbai: The Reserve Bank on Monday said it will soon start issuing bank notes of Rs 500 denomination in packets, which may not be sequentially numbered, for easier transactions.

The measure has been announced to increase operational efficiency, the RBI said in a statement.

"With a view to enhancing operational efficiency and cost effectiveness in bank note printing at banknote presses, it has been decided to issue...fresh banknotes of Rs 500 denomination in packets which may not necessarily all be sequentially numbered," it said.

The apex bank said such kind of practice is prevalent in other countries.

"Packets of banknotes in non-sequential number will, as usual, have hundred notes," the statement said.

RBI said the bands of the packets containing the banknotes in non-sequential number will have the legend 'The packet contains 100 notes not numbered sequentially' to avoid any confusion.

Source: Financial Express