Is Rs 500 banknote with star symbol fake? Here is what PIB Fact Check says
Zee Biz web team
Zee Biz web team
Bhawna Gupta
Jul 16,2024
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.
Rs 500 note with star symbol
What does PIB say?
In a post on X, PIB wrote, "The message deeming such notes as fake is false."
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.