[9] In January 2014 RBI announced that it would be withdrawing from circulation all banknotes printed prior to 2005 by 31 March 2014.

[10] The security features of the ₹500 banknote includes:[11] Starting from midnight 8 November 2016 all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series ceased to be a form of legal tender after a televised address to India by Prime Minister Narendra Modi.

[12] The ₹500 banknote of the Mahatma Gandhi New Series is 66mm x 150mm Stone Grey coloured, with the obverse side featuring a portrait of Mahatma Gandhi as well as the Ashoka Pillar Emblem, with the signature of the governor of Reserve Bank of India.

The reverse side features a motif of the Indian heritage site of Red Fort, and the logo and a tag line of Swachh Bharat Abhiyan.

Languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu and Urdu.