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Rs 500 notes are not being withdrawn: Govt rejects fake YouTube video
A viral YouTube video has sparked confusion by falsely claiming that Rs 500 currency notes will be discontinued by March 2026. The video, which originated from the channel Capital TV, says that the Reserve Bank of India (RBI) is preparing to phase out the note in two years. The government has rejected the video's claim.
No such announcement by RBI, says government
The Fact Check Unit of state-run Press Information Bureau has flagged the viral video as fake. It said that the RBI has made no announcement regarding the discontinuation of Rs 500 notes. The currency remains legal tender and continues to be in circulation as usual.
Rs 500 note is still in use
The Rs 500 note, introduced after the 2016 demonetisation exercise, is among the most commonly used denominations in the Indian economy today. It plays a crucial role in daily cash transactions and is widely circulated across urban and rural areas alike.
There is no official communication from the RBI that indicates a plan to withdraw this denomination, and no new notification has been issued regarding its status.
How to avoid currency-related misinformation
Here are some simple ways to protect yourself from fake news related to currency changes:
Rely only on official sources such as the RBI website or verified government handles like PIB Fact Check.
Be cautious with viral social media content, especially from unofficial YouTube or WhatsApp forwards.
Avoid action such as rushing to exchange notes.
Misinformation around currency can lead to unnecessary panic, especially among small traders, daily wage earners, and rural citizens. In May 2023, when the Rs 2,000 note was withdrawn under the RBI's clean note policy, the announcement came with clear timelines and procedures. That is not the case here.
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