Again RBI issues guideline regarding Rs 500 note. Since the ban of the 2000 rupee notes, the 500 rupee note has emerged as the highest denomination in Indian currency. In the meantime, there are rumors that the Rs 500 glamorous note will be phased out shortly. Social media is also claiming that these notes are not authentic. The RBI has released its directives and protocols regarding rumors.
RBI discloses the facts regarding Rs 500
The RBI states that Rs 500 notes featuring a star symbol are entirely lawful and authentic. These notes were provided as replacements for notes that were harmed because of printing errors. In this, the sequence of the note was observed. This procedure began in 2006. Its aim is to simplify the printing process and make it cost-effective.
What was the objective?
The Reserve Bank of India (RBI) continually simplifies and facilitates the process of printing banknotes. This method was implemented in 2006 to lower the expenses associated with note printing. To make this easier, the trend of notes featuring a star symbol began. If the bills were compromised during printing, the whole batch needed to be voided. This was an inefficient use of time and resources. To address this issue, the RBI launched a note featuring a star symbol to substitute the faulty notes.
What comes to your mind when you receive notes marked with a star sign?
If you receive such notes, there’s no reason to feel alarmed. These documents are legally binding. The star symbol displayed on them indicates that this note functions as a replacement note. This printing implies simplifying it financially.
In 2016, notes with star symbol came out. Now rumors are spreading about these notes. Rumours suggest that Rs 500 notes with a star symbol are fake. This claim has misled the general public. However, in this case, PIB Fact Check has already said that this news is complete.
