The Bank of Maharashtra has dismissed rumours suggesting that pre-2005 Mahatma Gandhi series currency notes of ₹10, ₹20, ₹50 and ₹100 denominations will no longer be accepted after June 30. The clarification comes after a widely circulated message triggered concerns about a possible demonetisation-like exercise, prompting many people to question whether older notes would soon become invalid.
The bank has categorically stated that no such directive has been issued and appealed to customers not to trust or forward misleading messages circulating on social media.
Bank calls viral message fake
According to the Hindustan Times, the controversy began after posts on social media claimed that the Bank of Maharashtra had instructed its branches to stop accepting older Mahatma Gandhi series notes from the end of June. The reports also suggested that other banks could soon adopt a similar policy, fuelling speculation among customers.
Responding to the claims, the Bank of Maharashtra issued a public clarification through its official social media channels, describing the message as fake. The bank said the reports were entirely incorrect and advised customers to verify information only through official communication.
The bank also reminded the public that it had not announced any withdrawal of old currency notes and warned against spreading unverified information.
RBI has not withdrawn pre-2005 notes
According to the Hindustan Times, the clarification also aligns with the Reserve Bank of India's existing position on older currency notes. The RBI had previously encouraged people to exchange pre-2005 Mahatma Gandhi series notes because newer versions include improved security features that help curb counterfeiting.
However, the central bank never declared these older notes invalid. They continue to remain legal tender and can still be used for transactions across the country.
Officials reiterated that no fresh RBI notification has been issued regarding the withdrawal of these notes, making the recent viral claim entirely baseless.
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Public urged to rely on official sources
According to the Hindustan Times, the incident has once again highlighted how misinformation related to currency can spread rapidly online, often creating unnecessary panic. Similar rumours have surfaced in the past, especially after the 2016 demonetisation exercise, leading to confusion among the public.
Banking experts advise customers to verify such claims through official RBI notifications or announcements made by banks rather than relying on viral messages. Authorities have also urged people to refrain from forwarding unverified information, as it can contribute to widespread confusion and unnecessary anxiety.
For now, customers can continue using pre-2005 ₹10, ₹20, ₹50 and ₹100 Mahatma Gandhi series notes without any restriction, as they remain valid under existing RBI guidelines.
