RBI 'set to' exchange old Rs 500, Rs 2,000 notes is false information

Government's fact-check unit says says there's no new rule and viral posts spreading this claim are fake

Social media posts claiming that the Reserve Bank of India (RBI) has issued new rules for exchanging the old Rs 500 and Rs 1,000 currency notes are false. The central bank has not made any such announcement, and the government’s fact-checking unit has confirmed that these messages are misleading.

 

Confusion started when viral posts said that people can now deposit or exchange notes demonetised in 2016. However, the Press Information Bureau’s (PIB) Fact Check team has clarified that no such scheme exists, and that citizens should rely only on official RBI or government channels for verified information.

 

Fake post

 

A viral post recently claimed that the RBI had issued a fresh notification allowing people to exchange old Rs 500 and Rs 1,000 notes — the same denominations that were withdrawn from circulation in November 2016.

 

No such rule or circular has been issued by the central bank, said the Fact Check team, urging people not to believe or forward unverified social media messages and to rely only on official sources such as:

 

RBI’s website, rbi.org.in

 

Verified government handles on X and other platforms

 

The PIB also advised that any suspicious messages related to the RBI or other government institutions should be reported on the cybercrime portal or directly flagged on social media platforms.

 

What about Rs 2,000 notes?

 

The Rs 2,000 note was withdrawn from circulation in May 2023, but it remains legal tender. People holding these notes can still use them for transactions or approach the nearest RBI Issue Office for exchange-related guidance.

 

Exchanging damaged or soiled notes

 

The RBI continues to allow the exchange of soiled, mutilated, or imperfect notes at all bank branches. However:

 

Notes that are badly burnt, brittle, or charred and cannot withstand handling are not accepted at banks.

 

Such cases can be submitted at the nearest RBI Issue Office, as listed on the central bank’s website.