Fact Check: Can You Exchange Old Rs 500, Rs 1000 Notes Now? What Govt Says

Last Updated:April 18, 2026, 09:42 IST

PIB debunks fake reports claiming RBI allows exchange of old 500 and 1000 rupee notes, says no new guidelines issued, urges public to rely on RBI site and verify messages

Indian government on November 08, 2016 withdrew Rs 500 and Rs 1000 notes with immediate effect.

It’s been almost a decade since the Indian Government discontinued the old Rs 500 and Rs 1000 notes as part of demonetization to eradicate counterfeit and black money. The government had given enough time to citizens to exchange or return their old currency notes at the banks or RBI’s authorized centers. The process had been completed, and the window to exchange the old notes had been shut.

Some instances came upon later when people found old notes which they had forgot to exchange during the window, but the RBI didn’t allow then to exchange.

Now, some reports were circulating online claiming that the Reserve Bank of India has issued new guidelines to allow the exchange of discontinued currency.

The fact check unit of Press Information Bureau (PIB) has debunked the reports, saying it a ‘fake’ and ‘RBI has made no such announcement’.

“The official RBI website is the only authentic source for updates on financial regulations and currency-related announcements,” PIB Fact Check unit reinforced.

It further suggested that people never forward unverified messages. In fact, it added that users can verify any suspicious message, photo, or video related to the Central Government by sending it to them: WhatsApp – +91 8799711259 or Email – factcheck@pib.gov.in.

On November 08, 2016, the Indian government announced the withdraw of Rs 500 and Rs 1000 bank notes. It allowed citizens to exchange their old notes with the newly issued ones of Rs 500 and Rs 2000.

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