Recently, the Internet has been flooded with images of 500 rupee notes claiming that the notes with an asterisk (asterisk) are fake and that banks are returning them.
However, the confusion was cleared by the RBI. These notes are part of the circulation. The star symbol is simply an identifier that means that the bill is the one to be replaced or reprinted.
This means that the original bill was printed with an error and it was later replaced with a new one with a star symbol. The RBI mentioned that these notes are legal tender and the first series of banknotes with the star symbol started circulating in 2006. Here are all the details.
What is information spread on the Internet?
There are many tweets and Facebook posts on the Internet claiming that these 500 rupee notes are fake and they are encouraging the public not to accept them.
Moreover, these social network users also urge others to spread this information without checking the authenticity.
The recent Vishwas News coverage of this subject refers to the viral photo of a Facebook user named ‘Ramchandra Rajput’ in which he mentioned that the 500 rupee note with the star symbol was returned from Bank IndusInd and asserted that it was counterfeit money.
His social media post reads: “These 500 notes with the * symbol have been circulating in the market for the past 2-3 days. Such a note was returned from IndusInd Bank yesterday. This is a fake note. Today, a friend also received 2-3 such sheets of paper from a customer, but because he did not pay attention, he immediately returned it. The customer also said that someone gave this paper in the morning.
“Take care of yourself. The number of street vendors carrying counterfeit money in the market is increasing. The appeal – Be a conscious citizen, spread this message to as many brothers as possible so that they can avoid harm and reckless thieves. Thank,” it added.
Source: Vishwas.News
Source: The Quint
Clarification of the RBI
The RBI explicitly states that these notes are legitimate and need not be worried. The organization tweeted about the star note on July 27, 2023, and the link in the tweet redirects to a press release of the RBI website which states: “The Reserve Bank has announced that the validity of banknotes has a Star
the symbol present on the number plate has recently become the subject of discussion on several social media platforms.” “In this regard, it was announced that Star
the symbol is inserted into the number plate of the note, used to replace the faulty printed notes in the 100-numbered package,”
The press release adds.
Reserve Bank of India Clarifications on Star Series Banknoteshttps://t.co/BFBYLbH8Ao
July 27, 2023
Jagranjosh
Source: RBI These notes first went into circulation in 2006 when RBI mentioned that they would issue a series of banknotes in the shape of stars and it started with rupee denominations of 10, 20 and 50.
The 2006 press release reads: “The Reserve Bank of India will soon issue Star Series banknotes. These will be issued starting in denominations of Rs.10, Rs.20 and Rs.50 in the Mahatma Gandhi Series-2005.”
it added.
Jagranjosh
Source: RBI In 2016, another press release from the organization mentioned 500 rupee notes that they would have “the letter E inside” and that some of the notes in this line would have an asterisk character added. .
Here’s what RBI mentioned:
“Some notes with annotated notes will have an extra ‘*’ (star) in the number plate in the space between the prefix and the number,” it added.
Jagranjosh
Source: RBI
In short, a 500 rupee note with a star symbol is not a counterfeit. They are simply reprinted bills issued by the Reserve Bank of India (RBI) to replace damaged or defective ones. It is important to research the official RBI website before making any statements about this currency as it can lead to panic.
Categories: Optical Illusion
Source: pagasa.edu.vn