Rs 500 Note Not Banned: Big news is emerging about the 500-rupee note. A post is going viral on the social media platform X (Twitter). In a viral post, it is claimed that the RBI has stated that by September, 75% of ATMS will dispense only 100- and 200-rupee notes. By March, 90% of ATMS will dispense 100 and 200 rupee notes. Experts believe that the Reserve Bank of India wants to reduce dependence on the 500-rupee note. So, let’s find out what the truth is behind this viral post?

A person named Sandeep Gupta has written on X, ‘Goodbye to 500 rupee notes. By September, 75% of ATMS will dispense 100 and 200 rupee notes, by March next year, 90% of ATMS will dispense: RBI told banks.’

See the post below-

Woke Eminent posted and wrote – Bye Bye 500 rupee currency notes

75% ATMS to Dispense Rs 100 and Rs 200 Notes By September, 90% by March Next Year: RBI To Banks

What is the truth of this claim?

This claim, made on social media, is misleading. There is no mention of discontinuing 500-rupee notes in the circular issued by the RBI.

According to a report by The Economic Times, the Reserve Bank of India has instructed banks to maintain a stock of 100- or 200-rupee notes in ATMS. Banks and non-bank institutions operating ATM networks will have to do this work gradually. The RBI has taken this decision to enable people to obtain small denominations easily. Following the announcement, some people began to speculate that the RBI could also gradually reduce the circulation of 500-rupee notes. But this is not the case. Like before, 500 rupee notes will continue in future as well.

You must have noticed that people often face the problem of loose change, hence the RBI has taken this decision. Nowhere in the RBI’s circular has there been any mention of banning 500-rupee notes.