PIB fact-check unit debunks fake claims on RBI currency exchange guidelines

The PIB fact-checking unit has dismissed online claims that the RBI introduced new guidelines for exchanging discontinued currency. It clarified that the claims are fake, urged citizens to rely on official sources, and warned against spreading unverified information.

New Delhi: The fact-checking unit of the Press Information Bureau (PIB) has dismissed reports circulating online, which claimed that the Reserve Bank of India (RBI) has introduced new guidelines permitting the exchange of discontinued currency.

The fact-checking unit dismissed these claims as fake, clarifying that the RBI has made no such announcement.

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“Some news reports claim that the Reserve Bank of India (RBI) has issued new guidelines to exchange discontinued currency notes. This claim is Fake. The RBI has made NO such announcement,” said the PIB unit in a post on X.

“The official RBI website is the only authentic source for updates on financial regulations and currency-related announcements. For accurate and verified information, users are advised to visit the official website of the Reserve Bank of India,” the post added.

It further stated that one should never forward unverified messages.

“Stay vigilant and share only information from trusted, official sources. If you encounter any suspicious message, photo, or video related to the Central Government, report it to the Press Information Bureau for verification via WhatsApp or email,” the X post mentioned.

In October last year, the unit had also clarified that reports suggesting the RBI had issued new guidelines to exchange old Rs 500 and Rs 1,000 notes are fake. These currencies were discontinued during the demonetisation exercise in November 2016, and no new exchange rules have been announced since then.

Earlier, the fact-checking unit debunked a viral video that falsely shows Finance Minister Nirmala Sitharaman endorsing a high-return investment scheme, warning citizens against falling for such misinformation.

It clarified that neither the Government of India nor Finance Minister is promoting or endorsing any such scheme, and urged people to remain cautious of misleading content circulating online.

Last month, PIB flagged a fake message circulating on social media that claims State Bank of India’s (SBI) YONO app accounts will be blocked if users do not update their Aadhaar details immediately.