Demonetisation: RBI asks banks not to believe social media gossip

Banks are, therefore, cautioned to abide by only those instructions which are either uploaded on our website (www.rbi.org.in) or mailed through the official mail, said the advisory.

By: Express Web Desk | New Delhi | Published:December 1, 2016 8:47 pm
Demonetisation, Reserve Bank of India, RBI demonetisation, RBI demonetisation rumours, RBI social media gossip, RBI fake currency The RBI, however, clarified that from time to time coins were issued with little changes.

In view of malicious rumours on demonetisation doing the rounds on social media, the Reserve Bank of India on Thursday asked banks to not believe social media gossip that’s creating confusion in the minds of the public. In an advisory issued to banks, General Manager Suman Ray has asked them to not rely on other unsecured or unofficial channels such as social media for information.

“In the wake of the withdrawal of legal tender character from the Specified Bank Notes (SNBs), Reserve Bank of India has been, from time to time, issuing instructions to the banks through the website of RBI (www.rbi.org.in) and official mail. It has been reported that certain guidelines/instructions purported to be issued by RBI are being circulated in the social media by some unscrupulous elements creating confusion in the minds of the public/ bank personnel. Banks are, therefore, cautioned to abide by only those instructions which are either uploaded on our website (www.rbi.org.in) or mailed through the official mail,” said the advisory.

It also said banks should not rely on other unsecured or unofficial channels like social media wherein the authenticity of the documents circulated is questionable and not verifiable. This advisory comes in the wake of recent rumours regarding fake Rs 10 coin in circulation as well as the presence of Nano-GPS chip installed in Rs 2,000 notes. Both were dismissed as rumours by the RBI. Regarding the Rs 10 coin, RBI had asked people not to give credence to such canards and continue to accept these coins as legal tender in all their transactions without any hesitation. In a statement, RBI had said, “It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people including traders, shopkeepers, etc, impeding the circulation of these coins in certain pockets of the country causing avoidable confusion.”

As for the Rs 2,000 note, a message on social media claimed these notes are embedded with Nano-GPS chips which act as a signal reflector, giving precise location coordinates of the currency in order to allow every note to be tracked. Apparently the chip is so strong that one can track these Rs 2000 notes even if they are kept 120 metres below the ground level, according to the message. This was refuted by the RBI as well.