Fact Check: Indian govt bans paper currency from Feb 1, switches to digital money? No, adverts in Kerala dailies misidentified as news
Several clippings from Kerala newspapers have been circulating with the claim that paper currency will be completely banned and replaced by digital currency from February 1.
By Md Mahfooz Alam Published on 24 Jan 2025 8:16 PM IST
Claim: Paper currency in India will be completely demonetised and replaced with digital currency in February 2025.
Fact: The claim is false. The viral paper clippings published by various Kerala newspapers are advertisements for a student summit being hosted by Jain Deemed-to-be University in Kochi.
Hyderabad: Paper clippings from Malayalam newspapers have been circulating on social media with an article claiming that Indian paper currency will be demonetised and replaced with digital currency.
An X user shared one of the paper clippings and wrote, āMalayalam Media is filled with news that the government is banning currency from Feb 1, and only digital currency will be allowed.ā (Archive)
The paper clippings claim that starting February 1, all monetary transactions in India will be conducted exclusively through digital currency, as announced by the Reserve Bank of India (RBI). Physical currency (paper notes) will be reportedly withdrawn in phases and cash holders will have until February 15 to convert their cash into digital currency through banks. The move is said to aim at eliminating black money and strengthening the Indian economy, while also providing the government with greater control over domestic and international financial transactions.
The clippings further suggest that this policy will position India as a major global economic power and mark the culmination of the āDigital Indiaā initiative. Prime Minister Narendra Modi is quoted as stating that the transition will enhance the countryās economic security and support future growth.
Fact Check
NewsMeter found that the claim is false. The viral paper clippings are a marketing feature published in Keralaās newspapers.
Some names mentioned in the paper clippings raised doubts about the claims being true. It named Dr Aravind Kumar as the RBI governor, Rajeev Singh as the Union finance minister, and Dr Anjali Mehra as the opposition leaderānone of whom hold the positions stated.
The clipping referred to Nobel laureate Dr Rin Patel advocating for cryptocurrency, but we found this name to be fictional. Furthermore, we could not find any credible media outlets publishing the statements attributed to the prime minister.
Upon conducting a keyword search, we found the first page of Mathrubhumi posted on the Kerala sub Reddit on January 24.
The post described the page as āwild,ā highlighting that the newspaper reported about an interplanetary football match on Mars, the first anniversary of Keralaās robot minister and India replacing paper notes with cryptocurrency. A user, commenting on the post, pointed out that āthis is an imaginary first pageā and noted that a disclaimer is included.
Using this clue, we accessed the PDF copy of the Mathrubhumi front page published on January 24. Using Google Lens, we translated the page and found a note in the top-right corner stating that the articles are āmarketing features.ā
The page also carried a disclaimer: āNotice: The front-page news presented in the newspaper is fictional, created as part of the promotional campaign for āThe Summit of Future 2025,ā hosted by Jain Deemed-to-be University in Kochi.ā
The disclaimer further clarified: āThis is an imaginative depiction of what the front page of newspapers might look like in 2050. Any resemblance to real events or reports is purely coincidental. The opinions expressed here do not reflect the views of Jain Deemed-to-be University or its affiliated institutions.ā
We also accessed the front page of seven other Kerala newspapers with disclaimers stating an imaginative depiction of what the front page of newspapers might look like in 2050. The newspaper included Malayala Manorama, Janmabhoomi, Kerala Kaumudi, Veekshanam, Madhyamam, Janayugam and Mangalam.
We also came across a video report by Asianet News on January 24 clarifying that the report on discontinuing paper currency is not news but an advertisement.
Director of āThe Summit of Future 2025ā apologies for ad
We also found information about the program mentioned in the advertisement. The program is scheduled to be held at the Jain Deemed-to-be University in Kochi from January 25 to February 1.
After the advert went viral and received backlash. Dr Tom M Joseph, the director of āThe Summit of Future 2025ā hosted by Jain University, issued an apology for any misunderstandings or concerns caused by the advertisement. He clarified that the ad, designed as a fictional future news story, included a clear disclaimer but was misinterpreted by some readers.
The X handle of Summit of Future 2025 also posted a video of the official statement from Dr Tom.
Therefore, we conclude that an advertisement published in the newspapers of Kerala is being falsely shared as real news.
