Some social media reports triggered doubts about the authenticity of these banknotes.
State Bank said introduced new design banknotes of Rs 500 in 2006 that carried state of the art security features, besides, change in size, design and color scheme.
Later on another security feature, the color shifting flag made of Optical Variable Ink (OVI) was added to enhance the anti-counterfeiting resilience and ease in identification by the general public.
This, however, resulted in availability of both types of Rs 500 banknotes, the statement added.
The SBP further said, "It is, therefore, clarified for benefit of all concerned that new design banknotes of Rs500, with and without OVI flag , are genuine provided all other security features are intact."