500-1000 Notes News: Claims are circulating on social media that the RBI has introduced new rules for exchanging old ₹500 and ₹1000 notes. Find out the truth behind this claim.
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RBI News on ₹500 and ₹1000 Notes: A post is currently going viral on social media. This post claims that India’s central bank—the Reserve Bank of India (RBI)—has introduced new rules for exchanging old ₹500 and ₹1000 currency notes. This claim has sparked widespread discussion. Now, the PIB itself has clarified the truth behind this claim.
First, let’s understand what the claim is.
A screenshot of a news report is being shared on social media. The headline of this report reads: “RBI Issues New Rules for old 500 and 1000 notes; know the complete information.” Furthermore, the report features a photograph of RBI Governor Sanjay Malhotra, accompanied by an image of an old ₹500 banknote.
PIB Reveals the Truth Behind the Claim
The PIB conducted a fact-check of this claim. On ‘X’ (formerly Twitter), the PIB stated: “This claim is fake. The RBI has made no such announcement. The RBI’s official website remains the sole reliable source for updates regarding financial regulations and currency-related announcements.”
Has RBI really announced ‘new rules’ for exchanging old ₹500 & ₹1000 notes❓
Some news reports claim that the Reserve Bank of India (@RBI) has issued new guidelines to exchange discontinued currency notes.#PIBFactCheck
❌ This claim is FAKE!
❌RBI has made NO such… pic.twitter.com/8ph2mlCrLT
— PIB Fact Check (@PIBFactCheck) April 17, 2026
Along with this, the PIB has also issued an appeal to the public. The PIB stated, “Never forward a message without verifying it. Stay vigilant and share information only from trusted, official sources. If you receive any suspicious message, photo, or video related to the Central Government, please send it to us. We will verify it for you.”
When were the ₹500 and ₹1,000 notes discontinued in India?
It is worth noting that on November 8, 2016, at 8:00 PM, Prime Minister Narendra Modi announced the discontinuation of the then-current ₹500 and ₹1,000 currency notes. This event was known as demonetization. The RBI printed a new ₹500 note to replace the old one, while a ₹2,000 note was introduced to replace the ₹1,000 note. Subsequently, however, the RBI decided to withdraw the ₹2,000 notes from circulation as well; the process for exchanging or depositing these notes has now been completed. According to the government, the primary objective of this move was to curb black money, eliminate the circulation of counterfeit currency, and prevent corruption and the financing of terrorism.
