Is Rs 500 note being phased out? Here’s what fact-check revealed

Recent rumors have sparked widespread speculation about the potential phasing out of Rs 500 banknotes in India. Concerns arose after various social media posts and messages suggested that the Reserve Bank of India (RBI) would discontinue these notes by March. The claims quickly gained traction, leading to confusion among the public regarding the future of this widely used denomination. To address the growing uncertainty, the Press Information Bureau (PIB) of India stepped in to clarify the situation. In an official statement, the PIB categorically refuted the claims, stating that there is no plan to phase out the Rs 500 notes. The bureau emphasized the importance of relying on credible sources for information and urged citizens not to fall prey to unverified news circulating on social media platforms. This clarification from the PIB should ease public concerns and highlight the need for vigilance against misinformation. The Rs 500 note continues to be a crucial part of daily transactions across the country. As digital and cash transactions coexist, the RBI remains committed to ensuring a stable and reliable currency system without any immediate plans to withdraw this denomination.

— Authored by Next24 Live