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PIB Fact Check Slams Viral Claim RBI Will Pull ₹500 Notes, Urges Public to Ignore Misinformation
Business
Published on 14 May 2026
A single Instagram reel sparked panic over ₹500 note validity
The PIB has moved to crush viral social media rumors claiming the RBI plans to discontinue the ₹500 currency note. The scare began with an Instagram reel from the account “insightswithnicky,” which alleged the denomination would soon be withdrawn and become invalid. In its official fact check, PIB said there is no such announcement from the RBI and confirmed ₹500 notes remain legal tender with no plans for removal from the banking system. Authorities urged people to rely only on verified official sources.
- PIB labeled the ₹500 withdrawal claim as fake
- The rumor spread via an Instagram reel by “insightswithnicky”
- PIB confirmed the RBI has not issued any announcement
- ₹500 notes remain legal tender, with no withdrawal plan
- Officials urged citizens to check only official RBI government sources
- Financial experts recommend verified portals for any policy change
Read the full story at Republic
This summarization was done by Beige for a story published on 
Republic