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Fact Check: Is RBI Discontinuing ₹500 Notes? PIB Reveals Truth

Shourya Jha | May 9, 2026 4:58 PM CST

The Indian government has moved swiftly to debunk viral social media rumors claiming the Reserve Bank of India (RBI) will discontinue ₹500 currency notes.

A viral reel posted by the Instagram handle 'insightswithnicky' claimed that the ₹500 denomination would soon be pulled from circulation. The video quickly gained traction, causing unnecessary concern among the public regarding the status of India's most widely used currency note.

इंस्टाग्राम चैनल 'insightswithnicky' के एक रील में दावा किया गया है कि भारतीय रिजर्व बैंक द्वारा ₹500 के नोट बंद किए जाएंगे। #PIBFactcheck

❌ यह दावा #फर्जी है।

✅ @RBI द्वारा ऐसी कोई घोषणा नहीं की गई है।

▶️ विवरण: ?https://t.co/diScLBDeIc

?https://t.co/u3peo8mcFa… pic.twitter.com/2OziXEhuXp
— PIB Fact Check (@PIBFactCheck) May 7, 2026

PIB Issues Official Clarification

The PIB Fact Check unit officially labeled the claim as fake. In a statement, the agency clarified that the RBI has made no such announcement. The government reaffirmed that ₹500 notes remain legal tender and there are no plans to withdraw them from the banking system.

Authorities have urged citizens to remain vigilant against financial misinformation. "Do not fall for such claims that mislead the general public," the PIB stated. Financial experts suggest that for any major policy changes, the public should check the official RBI website or verified government portals.