According to the information received from the accused, this entire fraud was being carried out in the name of the RBI. Now these fraudsters have been caught by the Delhi Police.
Old 500 notes exchange: The 500 and 1000 notes that were once withdrawn from the market by the Indian government have now been seized again by the Delhi Police. Let us tell you that the old 500 and 1000 notes that were banned have been seized in Wazirpur, Delhi.
According to a report by The Hindu, around Rs 3.79 crore. Let us tell you that these accused were trying to sell the old 500 and 1000 rupee notes for the greed of commission. According to the information received from the accused, this entire fraud was being carried out in the name of the RBI. Now these fraudsters have been caught by the Delhi Police.
Old 500 notes exchange: See the full details of this case here
According to a report in The Hindu, Deputy Commissioner of Police (Northwest) Bhishma Singh said that this gang was exchanging old notes from people at very low prices, using the name of the Reserve Bank of India (RBI). Now the question arises: are these old notes still circulating in the market? Also, is the RBI still exchanging these notes? We will answer this question today through this blog post.
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Old 500 notes exchange: What does the PIB report say on this issue?
In November 2026, India’s Prime Minister, Shri Narendra Modi, announced that the old 500 and 1000-rupee notes would no longer be valid. Even today, these notes remain completely out of circulation due to demonetization. A deadline was set for exchanging these notes, after which even the RBI will no longer accept them. Now, these notes have become mere pieces of paper. We’ve also shared a fact-check report with you, explaining how these notes are now completely out of circulation.
According to a report by PIB Fact Check, a news article circulating on social media once claimed that the Reserve Bank of India had discontinued old ₹500 and ₹1000 notes but had issued new rules for exchanging them. This claim has surfaced several times before. In a Twitter (now X) post dated October 19, 2025, PIB Fact Check claimed that this was a completely false claim. In fact, the Reserve Bank of India had set a deadline for exchanging these notes, after which neither the RBI nor any private or public-sector bank can exchange them.
सोशल मीडिया पर प्रसारित एक न्यूज आर्टिकल में दावा किया जा रहा है कि भारतीय रिजर्व बैंक (@RBI) ने ₹500 और ₹1000 के पुराने बंद हो चुके नोट बदलने के लिए नए नियम जारी किए हैं।#PIBFactCheck
✅ यह दावा #फर्जी है। आरबीआई ने ऐसा कोई नियम जारी नहीं किया है।
▶️ कृपया वित्तीय नियमों… pic.twitter.com/Z0FXECXzWJ
— PIB Fact Check (@PIBFactCheck) October 29, 2025
Old 500 notes exchange: This was the main reason for demonetization.
- To curb black money
- To lower interest rates in India
- To move India towards a cashless economy
- To formalize the informal economy
- To stop anti-social and terrorist activities
Priyanshu Sharma, MBA, is the Managing Partner and Financial Expert at Itz Reality. With a background as a Relationship Manager at a finance company, Priyanshu brings a wealth of experience in finance and customer engagement. Since 2023, he has been instrumental in managing News Duniya Media Pvt Ltd from its Shivpuri headquarters. Now, he leads Itz Reality full-time, driving its mission to provide accessible, reliable financial information and market analysis to a growing audience.
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