Origin of the Claim:

The claim originated from an image shared by a Twitter user with the handle @raghunmurthy07. The image quickly gained traction, with people spreading the rumor that the new banknotes would be issued on the day of the grand consecration ceremony of the Ram Temple in Ayodhya.

Clarification from the Original Poster:

Upon investigation, @raghunmurthy07 clarified that the image was a result of creative work and was not intended to be presented as actual banknotes. Expressing disapproval of the misuse of their work to spread misinformation, @raghunmurthy07 emphasized the importance of accurate representation of creativity.

Additional Confirmation:

Another user, Divya Kamat, echoed this sentiment by acknowledging that the piece was a product of creativity and not meant to be perceived as actual currency. Both users stressed the need to refrain from spreading misinformation.

Verification from RBI:

To ascertain the authenticity of the claim, we checked the Reserve Bank of India’s (RBI) official website in the ‘Know Your Notes’ section. The investigation revealed that there is no update related to the alleged new ₹500 banknotes. The design of the existing ₹500 note continues to feature Mahatma Gandhi’s portrait, the Red Fort, and his iconic glasses.

The claim of new ₹500 banknotes featuring Lord Ram and the Ram Mandir is debunked as misinformation. The image circulating on social media is a creative piece falsely presented as an official currency design. It serves as a reminder to critically evaluate information before sharing, emphasizing the importance of fact-checking to curb the spread of false narratives on social platforms.

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Maintaining the policy stance of “withdrawal of accommodation” to align with the 6% (+/-2) inflation target, the RBI aims to support economic expansion while curbing the money supply to manage inflationary pressures. The benchmark policy rate (repo) remains unchanged, reflecting the central bank’s commitment to facilitating credit and investments crucial for economic growth.

Key Decisions by the Monetary Policy Committee:

Repo Rate Unchanged: The RBI keeps the benchmark interest rate at 6.5%, signaling stability in its monetary policy approach.

UPI Transaction Limit Increase: The MPC proposes a significant enhancement in the UPI transaction limit for payments to hospitals and educational institutions, raising it from ₹1 lakh to ₹5 lakh.

Revised GDP Growth Projection: The RBI raises the GDP growth projection for the current fiscal year to 7%, up from the earlier estimate of 6.5%. The growth outlook for the December and March quarters is pegged at 6.5% and 6%, respectively.

Retail Inflation Projection: The average retail inflation projection for 2023-24 is retained at 5.4%, with the outlook considerably influenced by uncertain food prices. Potential intermittent shocks in vegetable prices may impact headline inflation in November and December.

Forex Reserves: As of December 1, forex reserves stood at $604 billion, providing confidence in meeting external financing requirements comfortably.

The MPC’s decisions reflect a balanced approach aimed at sustaining economic growth while managing inflationary pressures. The increase in the UPI transaction limit seeks to facilitate larger transactions for payments to hospitals and educational institutions. With a positive GDP growth projection, the RBI remains cautiously optimistic about the economic trajectory, emphasizing the need to build on strong fundamentals as a resilience measure against global uncertainties.

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