The Rs 500 Notes With A Star Symbol Are Not Fake.

For the past few days, pictures of a Rs 500 note with a star symbol have gone viral on social media claiming it to be a fake one. A user sent the image to our 24*7 Factline number 9049053770 asking whether the Ra 500 note with a star symbol is fake or not. 

Archived Link.

However, as we investigated, we came to know that Rs 500 notes having a star symbol are genuine. Here’s the fact check.

Fact Check 

We started our investigation by conducting a keyword search on Google. As a result, we found a report published in The Economic Times on 28 July 2023. The report read, “The Reserve Bank of India (RBI), on July 27, 2023, clarified that a banknote with a star symbol is identical to any other legal banknote, except that in the number panel, a star symbol is added between the prefix and the serial number. The Star symbol is an identifier that it is a replaced/reprinted banknote, as RBI mentioned. The star (*) symbol is inserted in the number panel of a banknote that is used as a replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes, the central bank further clarified”.

Please read here. Archived Link.

Upon further investigation, we found a press release issued by RBI on August 31, 2006. It also says that the Reserve Bank of India has issued notes with star signs. Those notes look like current bank notes but with an asterisk (*) symbol between the prefix and serial number. That is why some of the notes issued by the Reserve Bank contain usual notes as well as notes with star signs. On such packets, it is clearly marked that it contains a note with a star. In a packet of 100 notes, the star note is at the bottom. The Reserve Bank has clearly written that the legal value of the Star Series notes is the same as that of the usual notes. These banknotes can be accepted and used by the public. 

Archived Link.

Notes with star signs are mentioned in RBI’s “FAQ ”. It also states that the Star Series banknotes are exactly the same as other banknotes, but have an additional character, such as * (Star) in the number panel in the space between the prefixes.

Moving forward, we found a press release by the RBI on 27 July 2023. It said, “the Star symbol is inserted in the number panel of a banknote that is used as replacement for defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes. A banknote with a Star symbol is identical to any other legal banknote, except that in the number panel a Star symbol is added between the prefix and the serial number. The Star (*) symbol is an identifier that it is a replaced / reprinted banknote. Information about the “Star Series” banknotes is available on the RBI website as part of FAQs on Indian Currency (Question 9 of Section B)”.

Archived Link

Conclusion 

From our investigation, we can say that the claim made with the viral image of a Rs 500 note with a star symbol is false. The Rs 500 notes with a star symbol are not fake. The RBI has clarified it.