Fact Check! Rs.1000 Notes to Return in 2023? Here's What PIB Says

In 2016, the government demonetized the previous 500 and 1000 rupee notes overnight and launched a new 2,000 rupee note along with a 500 rupee note.

A viral video has been making the rounds on social media for the past several days, claiming that starting on January 1, 2023, Rs. 1000 notes will return. The rumor spread against the backdrop of a government response in Parliament stating that no new intent has been put for making Rs 2000 currency notes during 2018–19.

However, the rumors that the Rs. 1000 notes would return on January 1 are incorrect. The government has no plans to bring back the Rs 1,000 notes that were banned in 2016 following Prime Minister Narendra Modi's public speech on television.

The Indian government's PIB Fact Check used the microblogging site Twitter to advise individuals not to make such baseless and misleading claims.

"A viral video on social media is stating that Rs 1000 notes will appear from January 1 and Rs 2000 notes will return to banks. The claim is false. Please refrain from spreading such a false message. The Central Government has not decided to ban Rs. 2000 notes," PIB Fact Check wrote on Twitter.

The Rajya Sabha has heard calls to progressively phase out 2,000 rupee banknotes, with BJP MP Sushil Kumar Modi arguing that anyone who still owns them should have two years to deposit them.

He brought up the problem during a zero-hour mention, stating that most ATMs in the nation no longer carry 2,000 rupee notes, and there are rumors that they may cease to be legal tender shortly.

He said that 2,000 rupee bills are being hoarded and are frequently used in illegal trades including money laundering and the sale of narcotics. According to him, black money has come to be associated with the country's biggest currency denomination, the 2,000 rupees note.