Fact Check: RBI did not issue Rs 5,000 currency notes into market
On November 8, 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the;
On November 8, 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series, representing over 86 percent of the currency in circulation by value, to reduce the reliance on cash in the economy. Millions of Indians stood in the queues of banks and ATMs to either deposit these notes or get them exchanged for the new Rs 500 and Rs 2,000 banknotes. It marked a new beginning for India's currency in circulation. Gradually, India introduced a new series of bank notes, keeping the older ones still legally valid. The Reserve Bank of India (RBI) later announced that 98 percent of Rs 500 and Rs 1,000 notes were returned to the banking system, attracting mixed reactions from citizens, experts as well as politicians. Nearly seven years later, in 2023, the RBI also announced its decision to withdraw the Rs 2,000 notes. As of October 31, 97 percent of all Rs 2,000 notes in circulation have been returned. The rest of the notes can be exchanged at the RBI branches, either physically or by post.
Meanwhile, an image of a Rs 5,000 note is widely in circulation on social media platforms with the claims that the Reserve Bank of India is issuing new notes in the market. The image shared by social media users shows a green currency note with Mahatma Gandhi’s image prominently with 5000 rupees published on it.
Here is the archive link of the Claim.
Fact Check:
The claim is False. RBI has not released any Rs 5000 notes.
When we searched for any published reports about the launch of Rs 5000 note using Google Search, we found no credible news reports. We also checked the RBI X handle and looked for an official statement from the central bank but found no announcements regarding such a note. Here is their latest post on their Instagram handle.
We also did not find anything published on the RBI website press releases and the notifications tab.
Hence, the claim that the RBI has announced the issue of a Rs 5000 note is False. There is no such announcement done.