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Mint
7 days ago
- Business
- Mint
Has RBI asked banks to stop disbursing ₹500 notes from ATMs by September? Here's the truth
The Government of India, in its official social media account for Fact-checking, shared a post dismissing a message circulating over WhatsApp that claims that the Reserve Bank of India (RBI) has asked banks across the nation to stop disbursing ₹ 500 notes from ATMs by September 2025. The government announced that the country's central bank has not issued any such information to the banks, and the ₹ 500 banknotes will continue to remain legal tender backed by the RBI. 'No such instruction has been issued by the @RBI. ₹ 500 notes will continue to be legal tender,' according to the PIB Fact Check post on the platform X. The government also warned people to avoid such 'misinformation' and requested all social media users to verify news from official sources to check their authenticity before believing or sharing it to others. 'Don't fall for such misinformation. Always verify news from official sources before believing or sharing it!' said the government in the post. A social media message has been circulating claiming that the Reserve Bank of India has ordered all banks to 'stop disbursing' ₹ 500 banknotes from all ATMs in the nation by 30 September 2025. The fake message also requested people to 'start liquidating' their current holdings of the ₹ 500 banknotes, and that going forward, people will be able to only withdraw ₹ 200 and ₹ 100 banknotes from the automatic teller machines (ATMs). 'RBI has asked all banks to stop disbursing 500% notes by 30 Sept 2025 from ATM. Target is 75% of all BANKS ATM & then 90% ATM by 31 Mar 2026. ATM going forward will disburse only ₹ 200 and ₹ 100 notes only. So start liquidating the ₹ 500 notes that you have in hand from now on,' the fake message circulating around the social media platforms. The Indian government has debunked the authenticity of this post, clearly stating that no such instruction has been given out by the central bank on this development and that the people are trying to spread misinformation. According to Mint's earlier report from May 2025, the RBI is set to release a new set of ₹ 20 banknotes bearing the signature of the new Governor, Sanjay Malhotra. However, the central bank also assured the citizens that all the earlier ₹ 20 banknotes issued by the RBI in the past will continue to hold legal tender in India. 'The Reserve Bank of India will shortly issue ₹ 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹ 20 banknotes in Mahatma Gandhi (New) Series,' said the RBI in an official statement on 17 May 2025.
News18
12-07-2025
- Business
- News18
Rs 500 Notes Now Make Up Over Half Of All Fake Currency Detected In Banking System
Last Updated: During the year, 1.17 lakh fake Rs 500 notes of the new Mahatma Gandhi (New) series were detected, accounting for 54% of the total Fake Indian Currency Notes—2.17 lakh in all The new Rs 500 note, introduced in November 2016, has emerged as the top target for counterfeiters. Official data shows that more than half of all counterfeit notes detected and reported in the banking system in 2024–25 were of this denomination. During the year, 1.17 lakh fake Rs 500 notes of the new Mahatma Gandhi (New) series were detected, accounting for 54 per cent of the total Fake Indian Currency Notes (FICNs)—2.17 lakh in all. Counterfeit detections in banks do not include those seized by police or enforcement agencies. Of the total detections of the fake currencies, only 4.7 per cent (10,255) were detected at the Reserve Bank while 2.07 lakh (95.3 per cent) were detected at other banks. Analysis of Reserve Bank of India data by News18 also shows that this is the first time that the detection of fake new Rs 500 banknotes has crossed the one lakh mark. Currently banknotes in India are issued in the denomination of Rs 10, Rs 20, Rs 50, Rs 100, Rs 200 and Rs 500. The data from the RBI suggest that the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 2,000 declined during 2024-25, while those in Rs 200 and Rs 500 denominations increased by 13.9 and 37.3 per cent, respectively, as compared with the previous year. Old vs New Rs 500 notes The old Rs 500 note was the king of counterfeit until November 2016 when the new Rs 500 notes were introduced after the government announced demonetisation. As shown in the graph, the counterfeiters abandoned the demonetised old Rs 500 and shifted attention rapidly to the new currency after 2016. The numbers in the graph also clearly show that as against the peak of the old Rs 500 notes—at 3.17 lakh in 2016-17—the peak of the new currency is much less—1.17 lakh in 2024-25. Along with the old Rs 500 banknotes, the Rs 1,000 notes were also demonetised in November 2016. It is also important to note that after the Rs 500 banknotes, the Rs 1,000 were most detected fake—1.43 lakh in 2015-16; 2.56 lakh in 2016-17; and 1.03 lakh in 2017-18. As per the ministry of finance, as of August 2024, the National Investigation Agency (NIA) has registered 39 cases related to FICN since withdrawal of legal tender of Rs 500 and Rs 1,000 notes in 2016 in which counterfeit Indian currency of face value Rs 8,50,62,500 have been seized. The data from the RBI also suggest that the high-value fake notes are on the rise. The combined detection of counterfeit Rs 500 and Rs 2,000 notes nearly tripled from 43,712 in 2018–19 to 1.21 lakh in 2024–25, driven primarily by the spike in fake Rs 500s. The share of fake Rs 500 and Rs 2,000 notes in total counterfeit detection has more than doubled in six years—from just 14 per cent in 2018–19 to 56 per cent in 2024–25. In contrast, fake notes of all other denominations have dropped by over 65 per cent during the same period, from 2.74 lakh to under 1 lakh. Status Of Rs 2,000 Banknotes On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. However, it continues to be legal tender. Earlier this month, the central bank announced that the total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023. It declined to Rs 6,099 crore at the close of business on June 30, 2025. A total of 98.29 per cent of the Rs 2,000 banknotes in circulation as on May 19, 2023, has been returned. Rs 200 The New Rs 2,000? After the withdrawal of the Rs 2,000 banknotes, Rs 200 and Rs 100 have become the second and third largest denominations. While most lower denominations have seen a sharp fall in counterfeiting, the Rs 200 note has increased—from 12,728 fake notes in 2018–19 to 32,660 in 2024–25—a 2.5 times jump. It's now the third-most forged denomination after Rs 500 and Rs 100. The Rs 200 note was launched in August 2017. The reading becomes more important in the light that the fake Rs 100 detections have dropped by 77 per cent to just over 51,000 in 2024–25 from over 2.2 lakh in 2018–19, the RBI data shows. The peak of the fake Rs 100 detections was in 2017-18 at 2.39 lakh, as shown in the graph. In 2013-14, a total of 1.18 lakh fake Rs 100 detections were made. In 2018–19, Rs 100 notes made up about 70 per cent of all fake currency. By 2024–25, that share has fallen to 23.5 per cent. Overall Decrease in Counterfeit Notes While the pattern of fake currency detention has changed with the introduction and withdrawal of banknotes in the last few years, there is in general a drop in the number of pieces of counterfeit notes detected and reported in the banking system from 7.62 lakh in 2016-17 to 3.17 lakh in 2018-19 to 2.22 lakh in 2023-24 to eventually 2.17 lakh in 2024-25. The finance ministry said the government in consultation with its various agencies and RBI takes necessary steps to curtail the use and circulation of fake currency in the country from time to time. New security features are also introduced in Indian banknotes from time to time to enhance their anti-counterfeiting properties. top videos View all Despite advances in currency design and digital vigilance, the resurgence and increase in fake notes suggests that the war on counterfeiting is far from over. As fake Rs 500 and Rs 200 notes gain ground, it's clear that strong detection must go hand-in-hand with evolving security features and public awareness. About the Author Nivedita Singh Nivedita Singh is a data journalist and covers the Election Commission, Indian Railways and Ministry of Road Transport and Highways. She has nearly seven years of experience in the news media. She tweets @ More Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : Demonetisation fake notes news18 specials numberspeak rbi Reserve Bank of India view comments Location : New Delhi, India, India First Published: July 12, 2025, 14:28 IST News india Rs 500 Notes Now Make Up Over Half Of All Fake Currency Detected In Banking System Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. 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Mint
07-06-2025
- Business
- Mint
Will the ₹500 note be banned? Indian government clarifies as reports emerge over ‘demonitisation' 2026 claims
The Government of India, in its social media fact-checking handle on platform X, clarified that the claims about an upcoming alleged 'demonetisation' in March 2026 were false and that they were an attempt to spread misinformation among the masses through social media platforms. According to the official PIBFactCheck post released on Tuesday, 3 June 2025, a video went viral on social media in which a news anchor from the YouTube channel 'Capital TV' claimed that India is set to discontinue the circulation of ₹ 500 banknotes effective March 2026. 'A #YouTube video on the YT Channel 'CAPITAL TV' (capitaltvind) falsely claims that the RBI will discontinue the circulation of ₹ 500 notes by March 2026,' according to the PIBFactCheck announcement post on platform X. Calling out this social media claim, the Indian government issued an official 'Fact Check' in which they said that the nation's central bank, the Reserve Bank of India (RBI), has made no such announcements about any potential or upcoming demonetisation move. The government also assured the people of the nation that the ₹ 500 banknotes 'have not been discontinued' and continue to serve as a 'legal tender' form of the official Indian currency. The government also warned people to stay alert to 'fake news' and videos circulated on social media platforms and not to believe anything unless it comes from official sources like the RBI. 'Don't fall for such misinformation. Always verify news from official sources before believing or sharing it!' said the Indian government, warning people against similar misinformation circulating on social media platforms. In May 2025, the Reserve Bank of India (RBI) announced that it would soon release new ₹ 20 banknotes with Governor Sanjay Malhotra's signature on them. 'The Reserve Bank of India will shortly issue ₹ 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹ 20 banknotes in Mahatma Gandhi (New) Series,' said the RBI. RBI also disclosed that the ₹ 20 notes will be similar in all other aspects, including design, to the new series of notes circulating in the nation, except for the new governor's signature.
Mint
07-06-2025
- Business
- Mint
Will the ₹500 note be banned? Indian government clarifies as reports emerge over ‘demonitisation' 2026 claims
The Government of India, in its social media fact-checking handle on platform X, clarified that the claims about an upcoming alleged 'demonetisation' in March 2026 were false and that they were an attempt to spread misinformation among the masses through social media platforms. According to the official PIBFactCheck post released on Tuesday, 3 June 2025, a video went viral on social media in which a news anchor from the YouTube channel 'Capital TV' claimed that India is set to discontinue the circulation of ₹ 500 banknotes effective March 2026. 'A #YouTube video on the YT Channel 'CAPITAL TV' (capitaltvind) falsely claims that the RBI will discontinue the circulation of ₹ 500 notes by March 2026,' according to the PIBFactCheck announcement post on platform X. Calling out this social media claim, the Indian government issued an official 'Fact Check' in which they said that the nation's central bank, the Reserve Bank of India (RBI), has made no such announcements about any potential or upcoming demonetisation move. The government also assured the people of the nation that the ₹ 500 banknotes 'have not been discontinued' and continue to serve as a 'legal tender' form of the official Indian currency. The government also warned people to stay alert to 'fake news' and videos circulated on social media platforms and not to believe anything unless it comes from official sources like the RBI. 'Don't fall for such misinformation. Always verify news from official sources before believing or sharing it!' said the Indian government, warning people against similar misinformation circulating on social media platforms. In May 2025, the Reserve Bank of India (RBI) announced that it would soon release new ₹ 20 banknotes with Governor Sanjay Malhotra's signature on them. 'The Reserve Bank of India will shortly issue ₹ 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹ 20 banknotes in Mahatma Gandhi (New) Series,' said the RBI. RBI also disclosed that the ₹ 20 notes will be similar in all other aspects, including design, to the new series of notes circulating in the nation, except for the new governor's signature. The central bank also assured the people of the nation that all the banknotes which contain the denomination of ₹ 20 issued by the RBI in the past will continue to hold legal tender in India, according to the official release.
News18
17-05-2025
- Business
- News18
RBI To Issue New Rs 20 Banknotes With Governor Sanjay Malhotra's Signature; Details Here
Last Updated: The RBI says the design of the new Rs 20 notes will remain identical to those already in circulation under the Mahatma Gandhi (New) Series. The Reserve Bank of India (RBI) on Saturday said it will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi (New) Series bearing the signature of its Governor Sanjay Malhotra. The RBI clarified that the design of the new Rs 20 notes will remain identical to those already in circulation under the Mahatma Gandhi (New) Series, ensuring ease of recognition and continued usability for the public. Only the governor's signature will reflect the change in office. 'The Reserve Bank of India will shortly issue Rs 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Sanjay Malhotra, Governor. The design of these notes is similar in all respects to Rs 20 banknotes in Mahatma Gandhi (New) Series," the RBI said in a statement on May 17, 2025. All banknotes in the denomination of Rs 20 issued by the Reserve Bank in the past will continue to be legal tender, it added. This issuance follows standard protocol whenever there is a change in the RBI governor, with updated notes carrying the incumbent's signature while maintaining all existing design and security features. Sanjay Malhotra took over as the governor of the Reserve Bank of India in December 2024. The Rs 20 banknote is one of the most widely used small-denomination notes and features motifs such as the Ellora Caves on the reverse side, celebrating India's cultural heritage. The base colour of the note is Greenish Yellow. First Published: May 17, 2025, 11:52 IST
