PIB Debunks Fake News on Exchange of Old ₹500 and ₹1,000 Notes

A recent post circulating on social media claimed that the Reserve Bank of India (RBI) has introduced new guidelines to exchange old ₹500 and ₹1,000 notes that were withdrawn during demonetisation in November 2016. However, this claim has been declared false by the Press Information Bureau’s (PIB) Fact Check team.

In a post on X (formerly Twitter), PIB clarified that the RBI has not released any such notification. Citizens are urged not to believe or forward such misleading information and are advised to verify any financial claims through official government or RBI websites.

RBI’s Official Communication Channels

The RBI publishes all official notifications, policy changes, and circulars exclusively on its official website, rbi.org.in. Any information related to currency exchange, denominations, or banking regulations should only be verified through RBI’s official communication channels or authenticated government social media handles.

If individuals come across suspicious messages, videos, or photos related to the RBI or central government, they should report them immediately to the cybercrime portal or the concerned social media platform.

Clarification on ATM Cash Dispensing Rules

The Finance Ministry, in August 2025, confirmed that the RBI directed all banks and White Label ATM operators to ensure that 75% of ATMs dispense ₹100 and ₹200 notes by September 30, 2025. This move aims to enhance the availability of smaller denominations. The target will increase to 90% by March 31, 2026.

Validity and Exchange of ₹2,000 Notes

The ₹2,000 note, withdrawn from circulation in May 2023, continues to remain legal tender. Holders can still deposit or exchange them at RBI Issue Offices.

For damaged, soiled, or mutilated notes, exchanges can be made at any bank branch. Severely burnt or brittle notes may be submitted to the nearest RBI Issue Office.

Also Read: Can You Sell Old Banknotes and Coins in India?

Conclusion

The PIB’s clarification serves as a reminder for citizens to stay alert against misinformation. Always verify financial updates through RBI’s official channels and avoid sharing unverified news on social media.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.