Are old Rs 500 and Rs 1000 notes still being exchanged? RBI has made it clear, know the truth

RBI Guidelines for old Currency Exchange: Recently, rumors have intensified regarding the notes of Rs 500 and Rs 1000 which have been out of circulation since the demonetization of 2016. After a revelation by Delhi Police, it is natural to raise the question whether the Reserve Bank of India (RBI) is really changing these? Know the truth of this claim.

If you have a question in your mind that old notes of Rs 500 and Rs 1000 are still being exchanged, then the simple and clear answer to this question is no. According to the Reserve Bank of India (RBI), these notes, which were taken out of circulation during demonetization in November 2016, are now completely illegal. At that time the general public was given ample opportunity to exchange and deposit the notes in the bank within the stipulated period.

New way of cheating, trying to mislead in the name of RBI

This confusion regarding old notes increased recently as Delhi Police recovered old notes worth Rs 3.5 crore. In this case, it came to light that some people were misleading the common people, they were claiming that old notes can be exchanged even today, and on this pretext they were committing fraud. RBI no longer accepts these notes under any circumstances. If anyone has such notes, they no longer have any value.

Government and PIB call the rumors ‘fake’

The Central Government has already clarified the situation on the rumors spreading regarding exchange of old notes. The government’s information agency PIB had declared such claims false through a fact check. A news that went viral on social media, stating that RBI has made new rules for exchanging old Rs 500 and Rs 1000 notes, was declared fake by PIBFactCheck. The agency clearly said that RBI has not issued any such rule.

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You need to know that the new design has been issued in place of the old Rs 500 note, while the Rs 1000 note has been discontinued forever. RBI has advised people to trust only the official website of RBI for any financial information. Wrong information can cause financial loss, so it is very important to be cautious in such matters.