Fact Check: Are Rs 500 notes with star (*) marks fake? RBI clarifies
'The star (*) symbol is inserted in the number panel of a banknote used as a replacement for defectively printed bank notes', RBI
By Sunanda Naik Published on 2 Aug 2023 5:59 AM GMT
Hyderabad: A post claiming that Rs 500 notes with the star mark (*) are fake is being widely shared on social media.
(Source:Screengrab of Facebook post)
According to the caption, “From the last 2-3 days, Rs 500 notes with this * mark have entered circulation. Yesterday, such a note was returned from IndusInd Bank. This is a fake note. Today also I got such 2-3 notes from a customer. I immediately returned them. The customer said that someone gave him this note that very morning. Take special care. (Translated from Gujarati)”
Fact Check
NewsMeter found that the claim is false as the Reserve Bank of India has refuted the claim.
We started our investigation by performing a keyword search and found a Press Release published on July 27, 2023, on the RBI’s official website. The release refuted the claim and threw light on the ongoing misinformation trail on social media.
Stressing the authenticity of such notes, the RBI said, “The star (*) symbol is inserted in the number panel of a banknote 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 the note is a replaced/reprinted banknote. More information about the “Star Series” banknotes is available on the RBI website,” the release said.
We also found a media report in the Economic Times dated July 28, 2023, that read, “The Reserve Bank of India (RBI), on July 27, 2023, clarified that 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 is a replaced/reprinted banknote, as RBI mentioned.”
The same was reported on ABP Live and Hindustan Times, on July 31, 2023.
Hence, the claim that a Rs 500 note with the star symbol is a fake note is not true.
