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Will the Rs. 500 note go out of circulation in March 2026? What government said on viral claim
A video on YouTube went viral over the past few days, claiming that the ₹500 notes will be phased out starting March 2026.
The Centre debunked claims that the ₹500 currency note will be discontinued by next year, trying to calm the panic among the people caused by the claim.
The panic over the future of currency notes began recently when a video on YouTube went viral over the past few days, claiming that the ₹500 notes will be phased out starting March 2026. The 12-minute-long video, uploaded on a channel named Capital TV and gaining more than five lakh views since June 2, triggered confusion and panic among people.
The union government responded to the claims through the Press Information Bureau (PIB) fact-check unit, saying the Reserve Bank of India (RBI) has not made any such announcement. The Indian government's official fact-checking agency also advised people not to fall victim to any kind of misinformation and always verify any claims made.
" ₹500 notes have NOT been discontinued and remain legal tender. Always verify news from official sources before believing or sharing it," PIB’s post on social media platform X reads.
When were the new ₹500 notes introduced in India?
The ₹500 notes currently in circulation were introduced after the government announced demonetisation of the old ₹500 and ₹1000 notes in November 2016. The current note is 66mm x 150mm and comes in stone grey colour. The back of it has a picture of the Red Fort, complying with the theme of Indian heritage sites.
The current ₹500 notes continue to have their amount written in 17 languages, like all the other notes in circulation. These languages include English, Hindi, Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, and Urdu.
Prime Minister Narendra Modi had demonetised the previous ₹500 notes, along with the ₹1000 notes, in a televised address on November 8, 2016. The government had billed it as a measure to fight corruption in the country and address the issue of counterfeit banknotes. The news notes came into circulation a couple of days later.
The RBI had also introduced the new ₹2,000 currency note during the demonetisation exercise. However, those notes were withdrawn from circulation in May 2023. Despite being withdrawn, the ₹2000 notes remain legal tender.
