Rumor of a ban on the 500 rupee note: Actual facts Accordingly, the Reserve Bank of India (RBI) has neither issued any kind of restriction or ban on the 500 rupee note as of now. This is completely hearsay with no official source backing such a rumor, as RBI has not issued any of its instructions on this issue.
Issuance Of clarification By RBI
In view of this false rumor, RBI has reassured that the 500 rupee notes are very much legal tender and the central bank will not consider any plan to withdraw them from circulation. They have requested the general public to disregard such rumors and confidently use these Rs 500 currency notes for all daily transactions.
Introduction Of New Notes Rs. 500 After Demonetization
The Government of India, on November 8, 2016, announced the demonetization of the old currency notes of Rs. 500 and Rs. 1000. After this, RBI introduced the new Rs. 500 note having a new design and better security features. The new Rs. 500 note is valid and is in circulation.
Fear And Anxiety Among The General Public Includes:
- The people act anxious about their money and crowd the banks for no reason.
- Market volatility: Traders and shopkeepers are less inclined to accept these Rs 500 notes in transactions.
- Pressure on the economy: These massive withdrawals putting pressure on the banking system simultaneously.
- Digital payments are gaining traction: Some are moving to digital payments instead of cash, which could be a good development.
Also Read: RBI New Rules: If You Make This Mistake In Your Bank Account, Your Money Will Be Frozen