Did RBI Announce Any New Rule to Exchange Old ₹500 & ₹1,000 Notes?
A viral message has recently been circulating on WhatsApp, Facebook, and YouTube claiming that the Reserve Bank of India (RBI) has announced a new rule to allow people to exchange old ₹500 and ₹1,000 notes.
However, this claim is false and has been officially debunked by the RBI and PIB Fact Check.
🔍 What the Claim Says
- That the RBI has reopened a window for exchanging demonetised ₹500 and ₹1,000 notes.
- That people can deposit or exchange these old notes at banks under a new circular.
- That the rule is time-sensitive, creating panic among holders of old notes.
✅ What RBI Actually Said
According to official updates and verified news portals:
- No new circular or rule has been issued by the RBI to allow exchange of old ₹500 and ₹1,000 notes.
- The Press Information Bureau (PIB) clarified that the claim is completely fake.
- RBI continues to allow exchanges of soiled or torn notes of valid denominations only — not demonetised ones.
- The ₹500 and ₹1,000 notes ceased to be legal tender on 8 November 2016, and no fresh exchange window exists.
Sources:
📉 Why the Confusion Keeps Returning
- Misinformation spreads fast on social media and messaging platforms.
- People still hold demonetised notes as souvenirs or forgotten savings.
- Fraudulent posts use RBI’s name to appear authentic and attract views.
Remember — RBI announcements are only valid when published on the official RBI website or through verified press releases.
🏦 What You Should Do
- Do not believe or share viral forwards or YouTube videos claiming new exchange rules.
- Check official sources — RBI’s website: www.rbi.org.in
- Avoid scams — some fraudsters might ask for money or details to “process” exchanges.
- Dispose or keep the old notes as souvenirs — they no longer have monetary value.
❓ FAQs
Q1. Has the RBI announced any new window to exchange old ₹500 and ₹1,000 notes?
No. RBI has issued no new rule or circular regarding exchange of old demonetised notes.
Q2. Are the old ₹500 and ₹1,000 notes still legal tender?
No, these notes lost their legal tender status on 8 November 2016 under the Specified Bank Notes (Cessation of Liabilities) Act, 2017.
Q3. Can I deposit old notes in my bank account now?
No, banks are not authorised to accept deposits of old ₹500 or ₹1,000 notes anymore.
Q4. Are there any current notes being withdrawn by the RBI?
The ₹2,000 note was withdrawn from circulation in May 2023, but remains legal tender until further notice.
Q5. What should I do if someone claims they can exchange my old notes?
Do not share your details or pay money. Report such activities as fraud to local authorities or RBI’s helpline.
⚠️ Disclaimer
This article is for informational and educational purposes only. The information is based on official RBI and government sources available as of the date of publication. Readers are advised to verify details directly from the Reserve Bank of India’s official website (www.rbi.org.in) before acting on any financial information. The author or publisher is not responsible for any loss or misuse arising from third-party claims or false messages circulating online.