New Delhi: A viral YouTube video recently claimed that Rs 500 currency notes will stop being used from March next year. However, the Central government has dismissed these claims. In a post on X, the Press Information Bureau (PIB) clarified that the Reserve Bank of India (RBI) has made no such announcement, and Rs 500 notes will continue to be valid for transactions.
A video posted on the YouTube channel ‘CAPITAL TV’ has created confusion by claiming that Rs 500 notes will be discontinued by March 2026. Clearing the air, the Press Information Bureau (PIB) shared a fact-check post on X, saying: “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. RBI has made NO such announcement. Rs 500 notes have NOT been discontinued and remain legal tender.”
The fact-check was issued after a YouTube video claimed that the government plans to phase out Rs 500 notes from March next year, similar to the withdrawal of Rs 2000 notes. The 12-minute video, which has already garnered over 5 lakh views is also being widely circulated on other social media platforms.
However, authorities have denied the claims made in the video and advised people to be cautious about such misleading content. “Don’t fall for such misinformation. Always verify news from official sources before believing or sharing it,” the PIB added in its post.
The Rs 500 notes currently in circulation were introduced after the 2016 demonetisation. These notes are stone grey in colour, measure 66mm by 150mm, and feature the Red Fort as part of the ‘Indian heritage site’ theme. Like all Indian currency notes, the Rs 500 note displays its value in 17 languages, including English, Hindi, Bengali, Tamil, Telugu, and more.
On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old Rs 500 notes to tackle corruption and curb the spread of fake currency. Just two days later, new Rs 500 notes were introduced, along with a new Rs 2,000 note. However, in May 2023, the Rs 2,000 notes were withdrawn from circulation, although they still remain legal tender.
The RBI has announced that the Rs 20 notes with the new governor’s signature will remain the same in design as the current series. It also assured the public that all previously issued Rs 20 notes will continue to be valid and remain legal tender across the country.
