RBI To Discontinue ₹500 Notes? PIB Fact Check Debunks Viral Instagram Reel Claims as Fake
PIB has dismissed viral social media claims suggesting that the Reserve Bank of India (RBI) plans to withdraw ₹500 currency notes. A reel from the Instagram account 'insightswithnicky' sparked panic by claiming these notes would soon be invalid. PIB confirmed no such announcement exists and urged citizens to rely only on official sources.
- Republic Business
- 2 min read
The Indian government has moved swiftly to debunk viral social media rumors claiming the Reserve Bank of India (RBI) will discontinue ₹500 currency notes.
A viral reel posted by the Instagram handle 'insightswithnicky' claimed that the ₹500 denomination would soon be pulled from circulation. The video quickly gained traction, causing unnecessary concern among the public regarding the status of India's most widely used currency note.
PIB Issues Official Clarification
The PIB Fact Check unit officially labeled the claim as fake. In a statement, the agency clarified that the RBI has made no such announcement. The government reaffirmed that ₹500 notes remain legal tender and there are no plans to withdraw them from the banking system.
Authorities have urged citizens to remain vigilant against financial misinformation. "Do not fall for such claims that mislead the general public," the PIB stated. Financial experts suggest that for any major policy changes, the public should check the official RBI website or verified government portals.