Alert! RBI Won't Terminate Rs 2000 Notes and Release Rs 1000 Notes

There is a message being circulated on WhatsApp these days that the Reserve Bank of India is terminating the Rs 2,000 currency and issuing new Rs 1,000 notes. Though, the government has set the record straight and told that the apex bank is taking no such move.

The message which is circulating states that after December 31, citizens would not be able to exchange their Rs 2,000 notes. The rumour also states that only up to Rs 50,000 of Rs 2,000 notes can be exchanged. The message also indicates that the Rs 1,000 notes would be in rotation from January 1 onwards.

The Press Information Bureau took to Twitter to debunk the claim earlier this month. "Claim: WhatsApp msgs/YouTube channels claim that RBI is releasing new Rs 1,000 notes and discontinuing the Rs 2,000 notes. Reality: There is no such announcement by RBI. Conclusion: Fake News," it stated.

The fake message started making rounds after media reported that an RTI application revealed that the government has stopped printing Rs 2,000 notes, which in turn gave rise to rumours that the government is planning to terminate the Rs 2,000 notes.

The apex bank also stated this, "These are all rumours. There has been no such notification (by the RBI). Please refer to the website for all communication," it said.

Anurag Thakur, Minister of State for Finance informed the Rajya Sabha on December 11 that the government had no such plans. Thakur stated that since the demonetisation, the currency in circulation has increased in the three years. Thakur said the value of total notes in circulation as at the end of March 2019 stood at Rs 21,10,900 crore. In the previous financial year 2017-18 (fiscal ended March 2018), the notes in circulation were Rs 18, 03,700 crores, while it stood at Rs 13, 10,200 crores at the end of 2016-17.