RBI has no plans to withdraw paper currency by 30 June, government clarifies

The Indian government dismissed social media claims on Tuesday that the Reserve Bank of India (RBI) would withdraw paper currency and introduce plastic notes by June 30, 2026. Official sources confirmed no such directive has been issued, and the existing paper currency will continue circulating. The Press Information Bureau (PIB) clarified these rumors as false, advising citizens to avoid spreading unverified information. The PIB issued a fact-check on its website and social media, stating that no plans exist to withdraw paper currency or replace it with plastic notes by the specified date. A digitally altered video falsely attributed to Prime Minister Narendra Modi fueled the misinformation, prompting authorities to urge caution. Authorities highlighted the risks of misinformation, warning that speculative reports about currency withdrawal cause unnecessary confusion and anxiety among citizens and traders. The PIB advised relying only on official communication channels, including the RBI website (rbi.org.in), for accurate information. The government emphasized the importance of verifying public advisories, especially amid the rapid spread of digital rumors. Citizens were urged to cross-check information before sharing to prevent panic and ensure financial stability. This clarification follows widespread social media posts falsely claiming the RBI’s intention to phase out paper currency. The PIB reiterated that no such policy change is underway, reinforcing the need for official sources to combat misinformation.