CLAIM: RBI has not announced withdrawal of Rs 500 notes and they remain legal tender.
VERDICT: PIB officially debunked the viral claim, stating RBI has not announced withdrawal of Rs 500 notes and they remain legal tender.
DETAILED VERIFICATION
FULLY VERIFIED FACTS
PIB Official Response:
- PIB Fact Check Denial: PIB officially debunked the viral claim, stating RBI has not announced withdrawal of Rs 500 notes and they remain legal tender.
- Official X Post: PIB posted on X: “Has RBI really asked banks to stop disbursing Rs 500 notes from ATMs by September 2025? No such instruction has been issued by the RBI. Rs 500 notes will continue to be legal tender. Do not fall for such misinformation”
Viral Message Content:
- Claim Details: The viral message claimed RBI directed banks to stop disbursing Rs 500 notes from ATMs by September 30, 2025, targeting 75% of ATMs initially and 90% by March 31, 2026.
- False Liquidation Advice: Report accurately describes the panic-inducing message advising people to “liquidate” Rs 500 notes.
Current Status:
- Legal Tender Status: Rs 500 notes remain valid legal tender with no official withdrawal plan
- No RBI Circular: RBI has issued no circular, press release or public communication indicating any plan to withdraw Rs 500 notes
VERIFIED BACKGROUND CONTEXT
Actual RBI Circular (April 2025):
- Real Directive: RBI issued a circular in April 2025 directing banks to ensure 75% of ATMs dispense Rs 100 or Rs 200 notes by September 30, 2025
- Timeline Accuracy: Coverage must increase to 90% of all ATMs by March 31, 2026
- Purpose: The directive was to increase availability of lower denomination notes, not to phase out Rs 500 notes
Key Distinction:
- RBI instructed banks to ensure ATMs dispense Rs 100 or Rs 200 notes ALSO (in addition to existing denominations), not ONLY these notes
VERIFIED PUBLIC IMPACT
Panic Response:
- The viral claim caused panic among public, with many rushing to exchange Rs 500 notes
- Multiple fact-checking agencies confirmed widespread misinformation
Timeline Accuracy:
- PIB Fact Check posted debunking tweet on June 3, 2025
- Reports date back to early June 2025, confirming timeline
ANALYSIS OF REPORT QUALITY
STRENGTHS
- Accurate PIB Quote: The X post quote is precisely reproduced
- Correct Context: Properly explains the April 2025 RBI circular that likely caused confusion
- Clear Distinction: Effectively differentiates between increasing availability vs. phasing out
- Proper Sourcing: References official PIB and RBI sources appropriately
- Comprehensive Coverage: Addresses viral message, official response, and background context
FACTUAL PRECISION
- Dates: All dates (September 2025, March 2026) are accurately reported
- Percentages: 75% and 90% targets correctly stated
- Official Sources: PIB and RBI positions accurately represented
- Legal Status: Correctly confirms Rs 500 notes remain legal tender
CONCLUSION: TRUE. Your PIB fact-check report is factually correct and well-researched with all major claims verified.