RBI New Update: As per the latest statistics, most of the cashless cashless dealings that have occurred these days have made people dependent on cash. Naturally, there are still individuals who stash cash, but there has been a rumor going on for some days that after banning 2000-rupee notes, the next step will be the ban of 500-rupee notes. If you, too, have received such news, read this article to the end.
In fact, these days change continues to happen in Indian benjamins with every ticking day. As most of you might be aware, last year, RBI and Government of India had banned 2000 notes, and now this news is emerging of a star-printed 500 rupee note news from RBI. So, let’s know some details about this news.
RBI New Update On 500 Rupee Note
Well, you must have heard by now that this latest news craze going around in the social media is that the 500 rupee notes having star (*) symbol are now discontinued from the banks. PIB Fact Check has recently, for your kind information, reported on its official Twitter handle stating the above viral news to be completely false. It is said that this news has been going on for some months, which has only recently been taken cognizance of.
Why is the star symbol put on currency notes?
The Reserve Bank of India has been printing star notes since 2006. This type of printing makes the whole process easier and cheaper for cost-printing of notes. Earlier, if a wrong printing took place, then the entire batch would be stopped, thus taking more time and costing more.
In line with this, the Reserve Bank of India commenced printing the star symbol on all the notes. Now, if any notes get damaged at any point during printing, new notes will be printed to replace them.
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