No, 500 rupee currency note with star (*) symbol is not a fake note.
Claim
Since last 2-3 days these 500 notes with * symbol have started circulating in d market. Such note was returned from IndusInd Bank yesterday. This is a fake note. Even today, a friend received 2-3 such notes from a customer, but immediately returned them due to lack of attention
Rating
Explanation
It is all over social media platforms including Facebook and Twitter that 500 rupee currency notes with star (*) symbol in it are fake and that they have started circulating in the market since the last few days.
these 500 notes with * symbol have started circulating in the market. Such note was returned from IndusInd Bank yesterday. This is a fake note. Even today, a friend received 2-3 such notes from a customer, but immediately returned them due to lack of attention. pic.twitter.com/nMnnaFTRez
— Hoshang B Homavazir (@BHomavazir) July 26, 2023
The viral post is captioned “Since last 2-3 days these 500 notes with * symbol have started circulating in d market. Such note was returned from IndusInd Bank yesterday. This is a fake note. Even today, a friend received 2-3 such notes from a customer, but immediately returned them due to lack of attention”. Some of the posts with such a claim can be seen here and here.
What is the truth?
When searching with relevant keywords we found that the currency notes with star symbol are indeed valid. ABP Live News reported RBI clarifies that the currency note with star symbol is identical to any other legal banknote.
When searching for the RBI news we found a tweet from the official Twitter account of Reserve Bank of India. This tweet dated 27, July 2023 is seen with a link to a statement about clarification on star series banknotes.
The statement dated 27, July 2023 states that 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. It further clarifies that 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.
The frequently asked questions (FAQ) on ‘Indian currency’ updated on 17, May 2022 on RBI website also clarifies about the star symbol in the banknotes. To the question ‘What is star series banknote?’ it is answered “Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each of these banknote bears a distinctive serial number along with a prefix consisting of numerals and letter/s. The banknotes are issued in packets containing 100 pieces.
The Bank adopted the “STAR series” numbering system for replacement of defectively printed banknote in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefix”.
Conclusion
It is found that a banknote with a star (*) symbol in it is not a fake note, but is valid just like any other legal banknote as per the RBI statement.
