ECB has decided to discontinue production and issuance of €500 A banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand..
Europa series of The name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. banknotes will not include the €500.
€500 banknote remains Money that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. and will always retain its value.
On 4 May 2016, the Governing Council of the European Central Bank (ECB) concluded a review of the denominational structure of the Europa series. It has decided to permanently stop producing the €500 banknote and to exclude it from the Europa series, taking into account concerns that this banknote could facilitate illicit activities. The issuance of the €500 will be stopped around the end of 2018, when the €100 and €200 banknotes of the Europa series are planned to be introduced. The other denominations – from €5 to €200 – will remain in place.
In view of the international role of the euro and the widespread trust in its banknotes, the €500 will remain legal tender and can therefore continue to be used as a means of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. and One of the functions of money or more generally of any asset that can be saved and exchanged at a later time without loss of its purchasing power. See also Precautionary Holdings.. The The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro., which comprises the ECB and the euro area In general, the expression refers to the central banks of different countries., will take steps to ensure that the remaining denominations are available in sufficient quantities.
The €500 banknote, like the other denominations of euro banknotes, will always retain its value and can be exchanged at the national central banks of the Eurosystem for an unlimited period of time.