No Ban on Paper Currency: Government Quashes Rumours, Reassures Public
The central government has dismissed widespread social media rumours claiming that the Reserve Bank of India (RBI) plans to withdraw paper currency notes and replace them with plastic notes by June 30, 2026.
The clarification came after several misleading posts and videos circulated online, creating confusion and concern among citizens about the future of their cash holdings. Government sources confirmed that the RBI has issued no such directive and that all existing paper currency notes remain valid and will continue to circulate as usual.
The Press Information Bureau (PIB) also stepped in to counter the misinformation, describing the claims as completely false. In a fact-check shared on social media, the PIB stated that the RBI has no plans to discontinue paper currency or replace it with plastic notes by the end of June.
Officials further revealed that a digitally altered video, falsely mimicking Prime Minister Narendra Modi’s voice, was being circulated to spread the misleading claim. Authorities urged people not to believe or share such content without verification.
The government warned that false reports about currency withdrawal can create unnecessary panic among traders, businesses, and the general public. Citizens have been advised to rely only on official announcements from the RBI and government agencies for financial and monetary policy updates.
While the RBI recently acknowledged that the possibility of introducing polymer (plastic) currency notes is under preliminary consideration, Governor Sanjay Malhotra clarified that no decision has been taken and the proposal remains at an early stage of evaluation.
The government has once again urged the public to verify information through trusted and official sources before forwarding messages related to banking, currency, or financial matters.
News source: Information for this article was gathered from a variety of reliable news outlets.
