50 and 100 Rupee Currency Notes Will be Banned in India: Fact Check


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Zee News Picture: 50 and 100 Rupee Currency Notes Will be Banned in India
50 and 100 Rupee Currency Notes Will be Banned in India

Story:

50 Rupees and 100 Rupees Notes Banned in India

Other Versions

1. P.M. Modi announces: 50 and 100 rupee notes will be ban after 12 P.M. today.

2. (Telugu) ఈ రోజు రాత్రి 12 గంటల నుండీ పాత 50,100 నోట్లు పనిచేయవు….అక్టోబర్ 21 వరకు మన అకౌంట్ లో వేసుకోవచ్చు….

Fact Check:

A message shared through WhatsApp and other social media sites in India warns people that Prime Minister Narendra Modi announced the old 50 and 100 rupee currency notes will be banned after 12 P.M. today. The story carries a screenshot of Zee News report suggesting same, and some versions even went on to say October 21, 2017 is the last day to deposit the notes in your bank account, like it happened earlier in November 2016 during demonetization. No, as explained below, the 50 and 100 rupee notes are not banned; the stories therefore are hoaxes.

50 & 100 Rupee Notes Not Banned

In India during demonetization in November 2016, old 500 and 1000 rupee currency notes were scrapped and citizens were asked to deposit the old notes in their bank accounts. Post that we have seen similar stories in circulation claiming 50 and 100 rupee notes are banned. The Reserve Bank of India, RBI has however reported earlier that the banned Rs 1,000 note will return in a new avatar, and the other smaller denomination notes (Rs 10, Rs 20, Rs 50 and Rs 100) will be reintroduced with new features and design. Neither RBI nor the Central Government of India talked about banning the old 50 and 100 rupee notes.

In a Press Release dated 18 August 2017 the Reserve Bank of India revealed they will shortly issue 50 denomination banknotes in the Mahatma Gandhi (New) Series (see the above two pictures). Moreover, in late August 2017 RBI issued New 200 denomination banknotes in the Mahatma Gandhi Series. In their press release, RBI also mentioned that the earlier series (old) of Rs 50 denomination will continue to be legal tender. There is no news of any such ban of old denomination notes of 50, or even 100 rupees. So the stories about ban of 50 and 100 rupee notes in India are hoaxes; there is no need of anxiety in public.

Zee News Report Picture Fake

The picture of Zee News report on ban of 50 and 100 rupee notes in India is in fact a photo editing of old news clip that reported the ban of old 500 and 1000 rupee notes during demonetization. Careful watch at the picture below reveals the 0’s from 500 and 1000 have been removed to make them look like 50 and 100.

Hoax or Fact:

Hoax.


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37 shares, 71 points
Prashanth Damarla
Debunker

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