The₹500 note is currently in circulation in India. After the demonetization of the old ₹500 and ₹1,000 notes in November 2016, the Reserve Bank of India (RBI) introduced a new ₹500 note as part of the Mahatma Gandhi (New) Series on November 10, 2016.

The₹500 note is currently in circulation in India. After the demonetization of the old ₹500 and ₹1,000 notes in November 2016, the Reserve Bank of India (RBI) introduced a new ₹500 note as part of the Mahatma Gandhi (New) Series on November 10, 2016. 

The new ₹500 note features a portrait of Mahatma Gandhi on the obverse side and an image of the Red Fort on the reverse. It includes several security features, such as a windowed security thread that changes color from green to blue when tilted, micro letters 'RBI' and '500', and intaglio or raised printing for the visually impaired. 

As of March 2024, the circulation of ₹500 notes has increased. According to the RBI's report, during the financial year 2024, the number of ₹500 notes in circulation rose by 7.8%, reaching 14,687.5 crore notes. This indicates that the ₹500 denomination remains widely used in India's currency system.