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FACT CHECK: Are Rs 500 with star symbol valid? know the truth here

The RBI's explanation comes after the legitimacy of banknotes with a Star (*) image present on the number board turned into a topic of conversation on a few social media platforms.

Edited By: Nitin Kumar New Delhi Published on: July 28, 2023 11:35 IST
RBI
Image Source : INDIA TV Screenshot of forwarded message of Rs 500 with star symbol

India TV Fact Check: As a message is being forwarded fast on WhatsApp, in which the Rs 500 note has been described as fake, the Reserve Bank of India (RBI) has explained that notes with a star (*) image embedded in the number board are valid. The RBI's explanation comes after the legitimacy of banknotes with a Star (*) image present on the number board turned into a topic of conversation on a few social media platforms.

“In this connection, it is informed that the Star () symbol is inserted in the number panel of a banknote that is used as a replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes. A banknote with a Star () symbol is identical to any other legal banknote, except that in the number panel, a Star () symbol is added between the prefix and the serial number. The Star () symbol is an identifier that it is a replaced/reprinted banknote,” RBI said in a statement dated July 27.

Sometimes an attempt is made to prove the wrong news by sharing it, and someday the right news is declared as fake. Today, we will fact-check it so that it can be clear whether the notes are fake or not.

Claim 

A message is being forwarded on WhatsApp, in which the Rs 500 note has been described as fake. This note is marked with an *. The message reads, "From the last 2-3 days, these 500 notes with the * symbol have started circulating in the market. Such a note was returned from IndusInd Bank yesterday. It is a fake note. Received 2-3 notes, but due to a lack of attention, they returned immediately. The customer also said that this note was given to her by someone in the morning. Be careful; there has been an increase in the number of hawkers carrying fake notes in the market."

India Tv - RBI

Image Source : INDIA TVWhat actually is the claim?

Truth

To fact-check this claim, the India TV team first visited the RBI website. So that it can be known whether the note with the * mark has been issued by RBI or not. We searched the keywords '500 Note Star Series on Google. There we saw the website of the RBI, after which we got a 2006-2007 press release. It was told that the RBI prints 10, 20, and 50 rupee star series notes. It is printed in case there is a defect in a note during printing. To ensure that the notes in the bundle are sufficient, those damaged notes are removed and adjusted by printing the Star Series notes in their place.

India Tv - RBI

Image Source : INDIA TVTruth behind the viral message

When we went to the next page, leaving several articles with the same keywords, we found a story published by NDTV. Its heading was 'RBI To Issue Rs 500 Notes In New Series Soon'. The same thing was also published on India TV Hindi. Both had run the news, quoting PTI. Clear information was given in the news, "According to RBI, some things will be added to the new notes of 500 rupees. For example, there may be a star in the number panel. There will be 100 notes in the packet of these notes, but they will not be in sequence."

India Tv - RBI

Image Source : INDIA TVStory published on other site.

When we checked the Twitter handle of PIB FactCheck, the official fact-check organisation of the government, we found that the note is genuine and the viral message being forwarded is fake. That is, 500 rupee Star Series notes are correct.

Experts' view

Talking to Ashwini Rana, an expert in banking matters and former Vice President of the Canara Bank Workers' Association on this subject, he told India TV that these notes are issued by the RBI only. The notes that are going viral on social media are fake. The 500 rupee star symbol note is correct. RBI issues it when, while printing a bundle of notes, there is a complaint of a printing mistake or damage due to cutting in any of them. Smaller denomination notes have been printed in this series since 2006. It was also introduced in 2016 in the Rs 500 note.

Overall, 500 rupees notes with the * symbol are not fake. If someone tells you that it is fake, then inform him of the correct information and advise him to contact the bank. This will help them clarify the information. The Fact Check team of India TV has found this note to be correct. After talking to experts and reading the details on the official website of RBI, this claim has been proven wrong.

Also read | FACT CHECK: Don't fall prey to these fake social media handles of IB, PIB | DETAILS

Also read | FACT CHECK: Finance ministry to grant Rs 3,00,000 loan under PM Mudra Yojana scheme? | Know the truth

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