DNA Verified: Has RBI extended exchange facility for demonetized currency notes for foreign citizens? Here's the truth

Its been over six years since the government of India announced demonisation banning Indian currency notes of Rs 500 and Rs 1,000. After the decision, the Centre gave several months to people for exchanging the old currency notes with the new notes of Rs 500 and Rs 2,000.

And now, a message is doing rounds on social media which claims that the Reserve Bank of India (RBI) has further extended the exchange facility for Indian demonetized currency notes for foreign citizens. However, Press Information Bureau (PIB), the government nodal agency, has refuted the claim. It clarified that no such order has been issued by the central bank.

PIB further said that the exchange facility for Indian demonetized currency notes for foreign citizens ended in 2017. "An order issued in the name of RBI claims that the exchange facility for Indian demonetized currency notes for foreign citizens has been extended. This order is fake. The exchange facility for Indian demonetized currency notes for foreign citizens ended in 2017," it said in a tweet.

An order issued in the name of @RBI claims that exchange facility for Indian demonetized currency notes for foreign citizens has been extended PIBFactCheck

This order is fake

The exchange facility for Indian demonetized currency notes for foreign citizens ended in 2017. pic.twitter.com/cF0IwMu3Wb

— PIB Fact Check (@PIBFactCheck) March 6, 2023

On November 8, 2016, Prime Minister Narendra Modi, in a televised address, announced the demonetisation of all Rs 500 and Rs 1,000 banknotes in a bid to take on black money, fake currency and corruption.

Later, the government announced the issuance of new Rs 500 and Rs 2,000 banknotes in exchange for the demonetised banknotes.

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