RBI is not taking Rs 2000 notes back; here is what you should know about fake news

Over the last few days, there are several messages and reports doing the rounds, claiming that the Reserve Bank of India or RBI is set to take back all the Rs 2,000 notes. However, all of these reports are fake and you are advised not to panic because of them. The Press Information Bureau (PIB) has confirmed through a tweet that there has been no such announcement by RBI and it is fake news. It also cleared the confusion that government has plans of once again releasing Rs 1000 bank notes. There is no such eventulity about to happen.

"#PIBFactCheck Claim: Whatsapp msgs/YouTube channels claim that RBI is releasing new ₹ 1000 notes and discontinuing the ₹ 2000 notes. Reality: There is no such announcement by @RBI. Conclusion: #FakeNews," the PIB tweet read. The tweet came after a fake message claimed that RBI is taking back all Rs 2,000 notes and releasing new Rs 1,000 notes on January 1, 2020.

"Reserve Bank of India releasing new Rs 1,000 notes on 1st January 2020. Reserve Bank taking back all the Rs 2,000 notes. You can only exchange Rs 50,000. So, kindly start changing your Rs 2000 notes immediately. After 31st December 2019 you cannot change your Rs 2000 notes," the fake message said.

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Last week, Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India had tweeted about the same too. 

"Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently," he had said. The RBI annual report 2018 says that as many as 3,363 million pieces of Rs 2000 notes were in circulation by March 2018. 

However, a recent PTI report had claimed that the printing of Rs 2000 has been reduced to the "minimum". And this is a usual practice to control the circulation of the money. A senior official told the news agency that the RBI and the government from time to time decide on the quantum of currency to be printed on the basis of money in circulation.