Move to discontinue Rs 500 currency notes by 2027 March?

NEW DELHI: Discussions are ongoing over a viral YouTube video that claimed the purported Indian government's decision to discontinue Rs 500 currency notes from the country. Now, the Reserve Bank of India (RBI) has clarified the issue after concern spread across the nation.

A video of this kind was shared on June 2 on the YouTube channel 'Capital TV'. The video said that Rs 500 notes would be withdrawn in a phased manner from March next year. However, this was rejected by the RBI and the central government.

"Rs 500 notes have not been demonetized. They are still legal tender," the fact-checking section of the government's official Press Information Bureau (PIB) wrote on X. The statement was refuted by sharing a video by Capital TV on this X page.

The fact-checking website also asked citizens to not fall for such fake news.

Is the ₹500 note set to be phased out by 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.#PIBFactCheck

✔️@RBI has made NO such announcement.

✔️₹500 notes have… pic.twitter.com/NeJdcc72z2

— PIB Fact Check (@PIBFactCheck) June 3, 2025