You cannot exchange old ₹500 and ₹1,000 notes anymore
What's the story
The Reserve Bank of India (RBI) has not issued any new guidelines for exchanging old ₹500 and ₹1,000 currency notes. The clarification comes in response to several social media posts claiming that the central bank has reopened the exchange window for these discontinued notes. The PIB Fact Check team has confirmed that these claims are false and there has been no recent announcement from the RBI on this matter.
Official verification
PIB Fact Check advises to rely on official sources
The RBI's official website is the most trustworthy platform to verify any news related to currency, banking regulations, or the exchange facilities. The central bank has not introduced any new rules that would permit the general public to exchange these discontinued notes. It is always recommended to rely on official sources for such updates instead of believing in rumors circulating on social media platforms.
Demonetization
Government demonetized ₹500, ₹1,000 notes in 2016
On November 8, 2016, the Indian government demonetized all ₹500 and ₹1,000 currency notes, withdrawing their legal tender status to combat the counterfeit currency notes and black money. Such old notes were replaced by new ₹500 and ₹2,000 notes. The RBI FAQs state that customers dissatisfied with banking services can approach the RBI Ombudsman under 'The Reserve Bank - Integrated Ombudsman Scheme, 2021.'