Has RBI announced 'new rules' for exchanging old Rs 500 & Rs 1,000 currency notes?
April 20, 2026
Social media claims about the Reserve Bank of India allowing exchange of old Rs 500 and Rs 1000 notes are false. The official website of the RBI remains the most reliable place to check for any announcements related to currency, banking regulations or exchange facilities. People are advised to rely only on official sources for such updates.
Synopsis
Social media claims about the Reserve Bank of India allowing exchange of old Rs 500 and Rs 1000 notes are false. The official website of the RBI remains the most reliable place to check for any announcements related to currency, banking regulations or exchange facilities. People are advised to rely only on official sources for such updates.
Listen to this article in summarized format
Several social media posts and messages circulating are claiming that the Reserve Bank of India (RBI) has issued fresh guidelines, allowing people to exchange old Rs 500 and Rs 1000 currency notes that were discontinued after demonetisation in 2016.
PIB Fact Check team has confirmed that this claim is fake.
No new announcement from RBI
There has been no recent announcement from the RBI about reopening the exchange window for old Rs 500 and Rs 1,000 currency notes. The central bank has not introduced any new rules that allow the general public to exchange these discontinued notes.
The official website of the RBI remains the most reliable place to check for any announcements related to currency, banking regulations or exchange facilities. People are advised to rely only on official sources for such updates.
You can report suspicious messages through:
WhatsApp: +91 8799711259
Email: factcheck@pib.gov.in
Currency demonetisation
On November 8, 2016, the Indian government demonetised all Rs 500 and Rs 1,000 currency notes (the Mahatma Gandhi series), withdrawing their legal tender status to combat counterfeit currency notes and black money. These notes were replaced by new Mahatma Gandhi (New) Series Rs 500 and Rs 2,000 notes.
Where can one complain against the non-acceptance of coins or the exchange of notes and coins by banks?
According to RBI FAQs, “Customers aggrieved with services provided by banks and a related grievance not resolved to the satisfaction of customers, or not replied to within a period of 30 days by the bank may approach the RBI Ombudsman under ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021’. Complaints can be filed online on https://cms.rbi.org.in and also through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at the Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017, with the bank/ postal receipts as proof for necessary action.
Latest Rs 500 features as per RBI
A latent image with the denominational numeral ‘500’ is on the bottom left. To view, hold the note at a 45-degree angle at the eye level.
Colour thread changes colour from green to blue when the note is tilted.
Micro letters 'Rs' & 'INDIA' can be seen on Mahatma Gandhi's shawl fold.
The micro letters 'RBI' can be seen on Mahatma Gandhi's spectacles’ frame.
Micro letters ‘RBI500INDIA’ can be seen on the left side of the bank note.
The Mahatma Gandhi portrait and electrotype (500) watermark can be seen on the right obverse side, when held against the light.
The denominational numeral of the rupee symbol ‘Rs 500’ is seen on the bottom right on the obverse side. The ink changes colour from green to blue when tilted.
You can see a circle with ‘?500’ in raised print on the right side of the note.
To aid the visually impaired, five angular bleed lines on the left and right side in raised printing are seen on the obverse side.
To aid the visually impaired, intaglio or raised print can be felt on the Ashoka Pillar emblem.
To aid the visually impaired, intaglio or raised printing is seen and felt on the Mahatma Gandhi portrait.
Under UV light, the security thread emits fluorescence, and dual colour fluorescent fibres are seen in the paper. You can also read inscriptions 'Rs' and ‘RBI’ under the UV light.
Social media claims about the Reserve Bank of India allowing exchange of old Rs 500 and Rs 1000 notes are false. The official website of the RBI remains the most reliable place to check for any announcements related to currency, banking regulations or exchange facilities. People are advised to rely only on official sources for such updates.
Listen to this article in summarized format
Several social media posts and messages circulating are claiming that the Reserve Bank of India (RBI) has issued fresh guidelines, allowing people to exchange old Rs 500 and Rs 1000 currency notes that were discontinued after demonetisation in 2016.
PIB Fact Check team has confirmed that this claim is fake.
No new announcement from RBI
There has been no recent announcement from the RBI about reopening the exchange window for old Rs 500 and Rs 1,000 currency notes. The central bank has not introduced any new rules that allow the general public to exchange these discontinued notes.
The official website of the RBI remains the most reliable place to check for any announcements related to currency, banking regulations or exchange facilities. People are advised to rely only on official sources for such updates.
You can report suspicious messages through:
WhatsApp: +91 8799711259
Email: factcheck@pib.gov.in
Currency demonetisation
On November 8, 2016, the Indian government demonetised all Rs 500 and Rs 1,000 currency notes (the Mahatma Gandhi series), withdrawing their legal tender status to combat counterfeit currency notes and black money. These notes were replaced by new Mahatma Gandhi (New) Series Rs 500 and Rs 2,000 notes.
Where can one complain against the non-acceptance of coins or the exchange of notes and coins by banks?
According to RBI FAQs, “Customers aggrieved with services provided by banks and a related grievance not resolved to the satisfaction of customers, or not replied to within a period of 30 days by the bank may approach the RBI Ombudsman under ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021’. Complaints can be filed online on https://cms.rbi.org.in and also through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at the Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017, with the bank/ postal receipts as proof for necessary action.
Latest Rs 500 features as per RBI
A latent image with the denominational numeral ‘500’ is on the bottom left. To view, hold the note at a 45-degree angle at the eye level.
Colour thread changes colour from green to blue when the note is tilted.
Micro letters 'Rs' & 'INDIA' can be seen on Mahatma Gandhi's shawl fold.
The micro letters 'RBI' can be seen on Mahatma Gandhi's spectacles’ frame.
Micro letters ‘RBI500INDIA’ can be seen on the left side of the bank note.
The Mahatma Gandhi portrait and electrotype (500) watermark can be seen on the right obverse side, when held against the light.
The denominational numeral of the rupee symbol ‘Rs 500’ is seen on the bottom right on the obverse side. The ink changes colour from green to blue when tilted.
You can see a circle with ‘?500’ in raised print on the right side of the note.
To aid the visually impaired, five angular bleed lines on the left and right side in raised printing are seen on the obverse side.
To aid the visually impaired, intaglio or raised print can be felt on the Ashoka Pillar emblem.
To aid the visually impaired, intaglio or raised printing is seen and felt on the Mahatma Gandhi portrait.
Under UV light, the security thread emits fluorescence, and dual colour fluorescent fibres are seen in the paper. You can also read inscriptions 'Rs' and ‘RBI’ under the UV light.