The RBI and Centre have denied viral social media claims that paper currency notes will be withdrawn and replaced with plastic notes by June 30.
PIB Fact Check called the claims false and urged citizens to verify information through official sources before sharing it.
RBI Governor Sanjay Malhotra recently said polymer currency notes are under consideration, but no decision has been taken and discussions remain at a preliminary stage.
RBI Dismisses Rumours of Withdrawing Paper Notes With Plastic Currency
The Centre and the Reserve Bank of India have dismissed viral social media claims that paper currency notes will be withdrawn and replaced with plastic notes by June 30, urging citizens to rely only on official information
Photo by Ravi Roshan
Summary
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The Centre on Tuesday dismissed social media claims 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 posts circulating online alleged that existing paper currency would be phased out and replaced with polymer-based notes within weeks, sparking confusion among the public.
According to official sources cited by news agency ANI, no such directive has been issued by the RBI and existing paper currency notes will continue to remain legal tender and circulate normally across the country.
The Press Information Bureau (PIB) also issued a fact-check, calling the claims false and urging citizens not to fall for misinformation.
"Several social media posts are falsely claiming that RBI will withdraw paper currency notes and replace them with plastic currency notes from June 30, 2026," the PIB said in a post on X.
"According to @RBI, there are no plans to withdraw paper currency notes or replace them with plastic currency notes by June 30, 2026," it added.
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The PIB further flagged a video circulating online that allegedly used a digitally altered voice resembling Prime Minister Narendra Modi to falsely claim that paper currency notes would be discontinued from June 30.
Authorities cautioned the public against sharing unverified financial information on social media and messaging platforms, noting that rumours related to currency withdrawal can create unnecessary panic among citizens and businesses.
To avoid misinformation, the government advised people to rely only on official communication from the RBI and other authorised sources.
"For authentic information, always refer to the official RBI website: rbi.org.in," the PIB Fact Check handle said.
Polymer Notes Under Consideration
While the RBI has denied any plans to replace paper currency by June 30, RBI Governor Sanjay Malhotra recently confirmed that the central bank is examining the possibility of introducing polymer currency notes.
Speaking after the June Monetary Policy Committee meeting, Malhotra said the proposal remains at a preliminary stage and no decision has been taken so far.
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"We are examining the pros and cons of it and whether it would be worthwhile to implement. It is still at a preliminary stage," he said.
India has explored polymer currency before. In 2014, the government informed Parliament that one billion polymer ₹10 notes would be introduced on a trial basis in Kochi, Mysore, Jaipur, Shimla and Bhubaneswar to assess their performance under different climatic conditions.