Summary of this article
Viral post falsely claimed RBI’s new note rule.
PIB confirms no exchange allowed for old notes.
Officials urge citizens to trust verified RBI updates.
A social media posts recently claimed that the Reserve Bank of India (RBI) have issued new guidelines allowing people to exchange old Rs 500 and Rs 1000 notes, which were withdrawn during demonetisation in November 2016. The claim went viral in no time, causing confusion among the users.
The fact check team at the PIB reviewed the viral post and declared that it was fake. "No new rule has been issued by RBI regarding the exchange of old bank notes," said PIB in a statement shared on X. The message that went viral was marked as fake, and citizens were urged not to believe or spread such claims.
PIB Appeals for Verification of Financial Claims
PIB's Fact Check, therefore, recommended that people rely only on verified government handles or the RBI website for information on currency and financial regulations. RBI puts all its policy changes and notifications on its official website (rbi.org.in).
The authorities have also asked users to report suspicious messages, images, or videos about RBI or government policies on the official cybercrime portal or relevant social media platforms.
No New Rule On Rs 500 Notes In ATMs
As of now, some discussions related to this on social media have also brought up the issue that banks were asked to stop disbursing Rs 500 notes from ATMs. That again is misleading.
The Ministry of Finance clarified in August 2025 that the RBI had only directed banks and white label ATM operators to increase the supply of smaller notes. According to that circular, 75 per cent of the ATMs should dispense Rs 100 or Rs 200 notes before September 30, 2025, and 90 per cent by March 31, 2026.
This is to make smaller denominations available, but not to withdraw Rs 500 notes.
What Remains Valid
RBI said Rs 2000 notes, which were withdrawn from circulation in 2023, are still legal tender. Holders can still deposit or exchange them at RBI offices. It further reminded citizens to check with officially linked sources of information for any claim regarding currency before taking action.
