Press Information Bureau of India has refuted the claims that the Reserve Bank of India is going to discontinue the Rs 500 banknotes by March 2026. The PIB said that the central bank has made no such announcement.
What is the whole matter?
As per a post on X by the social media handle of the Press Information Bureau, a YouTube channel, Capital TV made a claim in a video that by March 2026, Rs 500 notes will be out of circulation. The video claimed that the government has stopped the printing of Rs 500 notes.
However, PIB refuted all these claims and said that the Rs 500 notes have not been discontinued and remain a legal tender.
What is the status of Rs 2000 note?
The Reserve Bank had issued an order for the withdrawal of Rs 2000 notes on May 19, 2023. However, the notes still remain legal tender. If any citizen still has Rs 2000 notes, they can get them exchanged in the designated Issue offices on the Reserve Bank.
The Central Bank has issued guidelines to deposit the Rs 2000 notes in the 19 designated Issue Offices of the Reserve Bank of India. The offices are located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Further, if the bearer cannot go to the Issue Office in person, he/she can send the notes to these Issue Offices via Indian Post from any post office in the country. The exchange money will be credited to the bearer’s bank account.