Fact Check: Viral Claim On Rs 500 Notes With 'Star' Sign Debunked
Date
7/17/2024 5:00:20 AM
(MENAFN- AsiaNet News) If you possess a Rs 500 note with an asterisk (*) sign and are concerned about its authenticity, you can now breathe easy. The Press Information Bureau (PIB) has confirmed that these notes are real and legitimate.
In a recent post on X (formerly Twitter), PIB's fact-checking division stated, "Do you have a ₹500 note with a star symbol ()? Are you worried it's fake? Fret no more! #PIBFactCheck The message deeming such notes as fake is false! Star-marked () ₹500 banknotes have been in circulation since December 2016."
The Reserve bank of India (RBI) had earlier explained this feature in a 2016 announcement. The central bank said, "Some of the captioned banknotes will have an additional character '*' (star) in the number panel in the space between the prefix and the number. Packets containing these notes will have 100 pieces as usual but not in serial order. To facilitate easy identification of note packets containing 'star' notes, the bands on such packets will indicate the presence of these notes. 'Star' banknotes in Rs 500 denomination are being issued for the first time. 'Star' banknotes in the denomination of Rs 10, 20, 50, and 100 are already in circulation. The rationale and the scheme of the introduction of 'Star' banknotes were detailed in the Press Release No. 2005-2006/1337 dated April 19, 2006."
"All ₹500 banknotes in the Mahatma Gandhi (New) Series, issued from November 8, 2016, onwards, will continue to be legal tender," the RBI said.
The star series banknotes are part of the RBI's protocol to replace banknotes that were incorrectly produced during the manufacturing process. When a defect is found, these flawed notes are replaced with new ones bearing the same serial number to maintain the sequential order of the packet. This star series numbering scheme aligns with the RBI's goal of adhering to global best practices while ensuring cost-effectiveness in the printing process.
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