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Business Standard
4 days ago
- Business
- Business Standard
Rs 500 notes are not being withdrawn: Govt rejects fake YouTube video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 In May 2023, when the Rs 2,000 note was withdrawn under the RBI's clean note policy, the announcement came with clear timelines and procedures.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.
News18
5 days ago
- Business
- News18
Are Rs 500 Notes Being Discontinued? Here's What Govt Says
Last Updated: The government has denied rumors about withdrawing Rs 500 notes, clarifying they remain legal tender. This follows a false claim by a YouTube channel, Capital TV. The government said Rs 500 notes have not been discontinued and remain legal tender. Amid widespread rumours about the future of Rs 500 currency notes, the government has officially denied any move to withdraw them from circulation. The clarification comes after a viral YouTube video by the channel 'Capital TV' (capitaltvind) falsely claimed that the Reserve Bank of India (RBI) would stop the circulation of Rs 500 notes by March 2026. The government said Rs 500 notes have not been discontinued and remain legal tender. Is The Rs 500 Note Set To Be Phased Out By 2026? PIB Fact Check, the government's official fact-checking arm, has categorically rejected the claim. In a post on X, it wrote, 'A YouTube video on the YT Channel 'CAPITAL TV' (capitaltvind) falsely claims that the RBI will discontinue the circulation of Rs 500 notes by March 2026. The RBI has made NO such announcement. Rs 500 notes have NOT been discontinued and remain legal tender." The speculation started after an RBI circular issued in April 2025, which asked banks and White Label ATM Operators (WLAOs) to increase the circulation of Rs 100 and Rs 200 denomination notes in ATMs. They were asked to comply with the order in a phased manner. In its circular, the Reserve Bank of India (RBI) said, 'As part of an endeavour towards enhancing public access to frequently used denominations of banknotes, it has been decided that all banks and White Label ATM Operators (WLAOs) shall ensure that their ATMs dispense Rs 100 and Rs 200 denomination banknotes on a regular basis." It added, 'By September 30, 2025: 75% of all ATMs shall dispense either Rs 100 or Rs 200 denomination banknotes from at least one cassette. By March 31, 2026: 90% of all ATMs shall dispense either Rs 100 or Rs 200 denomination banknotes from at least one cassette". Volume & Value Of Rs 500 Currency Notes In Circulation According to the Reserve Bank of India's (RBI) Annual Report for 2024-25, the Rs 500 denomination continues to be the most prevalent banknote in India. As of March 31, 2025, Rs 500 notes constituted 40.9% of the total volume of banknotes in circulation and accounted for 86% of the total value of all banknotes. The total value of banknotes in circulation increased by 6% during the fiscal year, reaching Rs 36.88 lakh crore.
