Rs 500 Notes To Be Discontinued By 2026? ‘No Such Announcement Made By RBI,’ Says Government

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A viral claim said that Rs.500 currency notes will be discontinued by 2026. However, the government clarified that the RBI has not made any such announcement, calling the rumour completely baseless and misleading.

A YouTube video claiming that Rs 500 currency notes will be discontinued by 2026 has recently gained popularity, causing confusion and concern among the public.

However, the government has given response to this false claim, stating that the Reserve Bank of India (RBI) has not issued any such announcement.

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The video, uploaded by a particular YouTube channel on June 2, suggests that Rs 500 notes will begin to phase out starting in March next year. This nearly 12-minute video has gathered over 500,000 views.

The Press Information Bureau (PIB) Fact Check division, the official fact-checking agency of the Indian government, stated this in a post on X,

“Rs 500 notes have NOT been discontinued and remain legal tender,” ,

It further advised citizens to be careful of misinformation.

Also Read: “Fake Currency Poses National Security Threat, Cases Needs Stern Action”: Delhi HC

It added,

“Always verify news from official sources before believing or sharing it,”

The current Rs 500 notes were introduced following the 2016 demonetisation initiative. They measure 66mm x 150mm and are stone grey in color, featuring the theme of the ‘Indian heritage site – Red Fort.’

Like other Indian Rupee banknotes, the Rs 500 notes display their denomination in 17 languages, including English, Hindi, Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, and Urdu.

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Prime Minister Narendra Modi, On November 8, 2016, demonetised the previous Rs 500 notes as part of efforts to combat corruption and tackle counterfeit currency. The new notes were introduced two days later.

Additionally, the RBI launched a new Rs 2,000 note during the demonetisation process.

However, in May 2023, those notes were withdrawn from circulation, although they continue to be accepted as legal tender.