Is Rs 500 banknote with asterisk symbol fake? Here is what PIB Fact Check says

Do you have a Rs 500 note with an asterisk sign and suspect it is counterfeit? Do not worry! The Press Information Bureau (PIB) clarified that notes with the star mark (*) are real and legitimate. 

In a post on social media site X, PIB Fact Check wrote, "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 circulating since December 2016."

The asterisk (*) was introduced on the new ₹500 banknotes in December 2016.

In a post in 2016, RBI wrote, "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 in the packet. ‘Star’ banknotes in ₹ 500 denomination are being issued for the first time. ‘Star’ banknotes in the denomination of ₹ 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," it added.

Why does the RBI issue asterisk symbol banknotes?

The rationale for creating star series banknotes is to replace banknotes that were incorrectly produced during the production process. When a flaw is discovered, these banknotes are replaced with fresh ones with the same serial number, ensuring that the packet's sequential sequence is preserved. The star series numbering scheme is part of the RBI's efforts to adhere to worldwide best practices while ensuring cost-effectiveness at printing presses.