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

Published 10 June 2026 · finance

The government on India dismissed late on Tuesday social media reports that have been claiming that the Reserve Bank of India is planning to withdraw

The government on India dismissed late on Tuesday social media reports that have been claiming that the Reserve Bank of India is planning to withdraw paper currency and replace them with plastic notes by 30 June. The clarification was issued by the central government after several messages started floating across social media platforms, which triggered concerns among citizens regarding the status of their legal tender. News agency ANI spoke to official sources who assured that no such directive has been issued by the central bank and the existing paper currency will continue to remain in circulation in the country. The Press Information Bureau (PIB) also issued a fact-check on its website and social media handles, wherein it clarified that these rumours are baseless. The PIB urged citizens to not panic and to avoid spreading such unverified rumours.

The PIB said on X, "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," adding, "According to @RBI, there are no plans to withdraw paper currency notes or replace them with plastic currency notes by June 30, 2026." The PIB also shared a video which they said was digitally altered to mimic the voice of Prime Minister Narendra Modi claiming that paper currency notes will get banned from 30 June. Authorities highlighted that citizens must exercise caution before forwarding sensitive financial news on messaging applications. Misinformation regarding currency withdrawal often leads to unnecessary confusion and anxiety among traders and common citizens. To prevent the spread of speculative reports, the government advised the public to rely only on official communication channels.

"For authentic information, always refer to the official RBI website: rbi.org.in," the PIB Fact Check handle stated. The PIB reiterated the importance of cross-checking public advisories during a period where digital rumors easily gain traction. "Always verify information through official sources before sharing," the statement concluded. Polymer notes under consideration: RBI Guv On 5 June, Monday, RBI governor Sanjay Malhotra did say that a proposal to introduce polymer currency notes is under consideration of the central bank, and the idea is currently at a preliminary stage. Malhotra said no decision has been taken in the matter as yet, and the apex bank is examining the feasibility of such a move. "As far as polymer notes are concerned, the proposal is under consideration. As soon as any decision is taken on it, we will inform you," Malhotra said during the post-monetary policy press conference in Mumbai.