After Rs 2,000 currency notes, the government has launched a new series of Rs 500 notes, even as people are stand in long serpentine queues awaiting their turn at bank branches across the country.
After demonetising old Rs 500 and RS 1,000 currency notes, the government had first introduced only Rs 2,000 notes. However, ATMs are not able to dispense it, since they will have to be re-calibrated to do so. This might take up to three weeks.
Similarly, ATMs will have to be re-calibrated for a new series of Rs 500 notes as well.
The government also plans to soon reintroduce the Rs 1,000 note back in the market, but with far more evolved security features.