RBI Rules: A post circulating on social media about the old Rs 500 and Rs 1000 notes is gaining traction, claiming that the RBI has introduced a new facility for exchanging these old notes. However, the PIB Fact Check has confirmed that this assertion is entirely false. The Fact Check team from the Press Information Bureau has made it clear that this claim is not true.
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The RBI has neither announced any new regulations nor reopened any exchange window for old notes.No new announcements from RBIRecently, there has been no announcement from the RBI permitting the public to exchange old Rs 500 and Rs 1000 notes. Therefore, it is unwise to believe such messages, WhatsApp forwards, or social media posts. Always refer to the RBI’s official website or reliable government sources for accurate information.
On November 8, 2016, the Indian government demonetized the old Rs 500 and Rs 1000 notes. This action, known as the Demonetization of India Act 2016, aimed to combat black money, control counterfeit currency, and encourage digital transactions. Following this, new Rs 500 and Rs 2000 notes were introduced. Currently, the Rs 2000 note has also been phased out.
How to report to PIB Fact Check?
If you come across any news, video, or viral post that seems fake, you can report it to the PIB Fact Check team via WhatsApp at +91 8799711259 or through Email at factcheck@pib.gov.in.How to file a complaint?If you face an issue with a banknote or coin transaction and the bank fails to resolve it within 30 days, you can lodge a complaint under the Reserve Bank – Integrated Ombudsman Scheme 2021.
You can submit your complaint online by visiting the complaint portal at https://cms.rbi.org.in. How to identify a genuine Rs 500 note?According to the RBI, the new Rs 500 note has several security features, including a latent image of “500” visible when viewed at a 45° angle. The security thread changes color from green to blue. Mahatma Gandhi’s portrait and watermark are present. Micro lettering such as “RBI,” ” INDIA ,” and “RBI500INDIA” are clearly visible. For those with visual impairments, the printing is raised, making it palpable.