<Tr> <Th> Design </Th> <Td> Red Fort </Td> </Tr> <Tr> <Th> Design date </Th> <Td> 2016 </Td> </Tr> <P> The Indian 500 - rupee banknote (₹ 500) is a denomination of the Indian rupee . The current ₹ 500 banknote, in circulation since November 10, 2016, is a part of the Mahatma Gandhi New Series . The previous banknotes of the Mahatma Gandhi Series, in circulation between October 1997 and November 2016, were demonetised on November 8, 2016 . On 13 June, 2017, The RBI will soon introduce new Rs. 500 notes, but the old ones will continue being legal tender . The design is similar to the current notes in the Mahatma Gandhi (New) Series, except they will come with an inset' A' . </P> <P> The ₹ 500 banknote denomination was first introduced by the Reserve Bank of India (RBI) in October 1987 in order to contain the increasing number of banknotes in circulation, due to inflation . The note prominently featured the portrait of Mahatma Gandhi instead of the Emblem of India, the Lion Capital of Sarnath . The popularity of this design led to the eventual redesign of the motifs of other Indian banknotes and the introduction of the first Mahatma Gandhi Series banknotes . </P>

When was 500 rupee note introduced in india