Got cash at home? Here's the truth about the 'RBI paper note ban' claim
Viral posts claimed the RBI would withdraw paper currency notes from June 30, 2026 and replace them with plastic notes. Find the truth behind the claim here
- Jun 12, 2026,
- Updated Jun 12, 2026 8:00 AM IST
Is the RBI really banning paper currency notes after June 30? Viral posts on social media have claimed that the Reserve Bank of India will withdraw paper notes and replace them with plastic currency from June 30, 2026. The claim has circulated widely over the past few days, causing confusion among users and sparking panic in some quarters, with recalls of the 2016 demonetisation.
The government has dismissed the viral claim as "fake". In a post on X, it said the RBI has not announced any plan to phase out paper currency notes or replace them with plastic notes by June 30, 2026.
What is the viral claim?
The posts say the RBI will ban paper currency notes from June 30 and introduce plastic notes from the same date. No official government announcement on such a move has been made.
What has the government said?
The government said the claim being shared online is “completely fake”. It said, “According to the RBI, there are no plans to phase out paper currency notes or replace them with plastic notes by June 30, 2026.” It also asked people not to trust or forward unverified information and to check the official RBI website for accurate details.
What has the RBI Governor said on polymer notes?
After the Monetary Policy Committee meeting on June 5, 2026, RBI Governor Sanjay Malhotra said, “Polymer note is under consideration. We are examining the pros and cons. It is at a preliminary stage.” He said no final decision had been taken.
What is the current position on banknotes?
As per the RBI website, current banknote paper is made from 100% cotton. When a new design is introduced, old and new notes usually circulate together for some time, and older notes are gradually withdrawn once they become unfit to be reissued.
At present, the viral claim about paper notes being withdrawn from June 30, 2026 has been denied by PIB Fact Check. The RBI has made no such announcement, while any move on polymer notes remains under consideration and at an early stage.
Is the RBI really banning paper currency notes after June 30? Viral posts on social media have claimed that the Reserve Bank of India will withdraw paper notes and replace them with plastic currency from June 30, 2026. The claim has circulated widely over the past few days, causing confusion among users and sparking panic in some quarters, with recalls of the 2016 demonetisation.
The government has dismissed the viral claim as "fake". In a post on X, it said the RBI has not announced any plan to phase out paper currency notes or replace them with plastic notes by June 30, 2026.
What is the viral claim?
The posts say the RBI will ban paper currency notes from June 30 and introduce plastic notes from the same date. No official government announcement on such a move has been made.
What has the government said?
The government said the claim being shared online is “completely fake”. It said, “According to the RBI, there are no plans to phase out paper currency notes or replace them with plastic notes by June 30, 2026.” It also asked people not to trust or forward unverified information and to check the official RBI website for accurate details.
What has the RBI Governor said on polymer notes?
After the Monetary Policy Committee meeting on June 5, 2026, RBI Governor Sanjay Malhotra said, “Polymer note is under consideration. We are examining the pros and cons. It is at a preliminary stage.” He said no final decision had been taken.
What is the current position on banknotes?
As per the RBI website, current banknote paper is made from 100% cotton. When a new design is introduced, old and new notes usually circulate together for some time, and older notes are gradually withdrawn once they become unfit to be reissued.
At present, the viral claim about paper notes being withdrawn from June 30, 2026 has been denied by PIB Fact Check. The RBI has made no such announcement, while any move on polymer notes remains under consideration and at an early stage.