Fact-Check: Currency with a star(*)symbol is fake and invalid?? Discover the Truth here

An image of a 500 rupee note with the star (*) symbol on the number panel of the banknote is being widely shared on social media platforms such as WhatsApp with the claim that this currency is fake and invalid.

We received this post on DFRAC’s WhatsApp tipline
In the post, it was written along with the image: “500 notes marked with * have started circulating in the market. Such a note was returned from IndusInd Bank. This is a fake note. Even today received 2-3 such notes from a customer, but returned it immediately due to attention. The customer also said that this note was given by someone in the morning. Be careful, there has been an increase in the number of people walking around with fake notes in the market. Please circulate this message to other groups & friends & relatives to create awareness in all and remain alert always”

Fact-check

The DFRAC team fact-checked the above viral image and found that the currency with a star mark is genuine and valid.

In our probe, we found a press release on the website of RBI, issued on July 27, 2023. The Press release stated that it was informed that the Star () symbol inserted in the number panel of a banknote was used as a replacement for defectively printed banknotes. A banknote with a Star () symbol is identical to any other legal banknote.

In addition, we came across some reports from Hindustan Times and The Economic Times published in July 2023. The reports cited that RBI clarified that the star () symbol on the number panel of the banknote indicates that it is a replaced or reprinted banknote. These star () banknotes are identical to other legal banknotes and are considered valid currency.

Conclusion

DFRAC’s fact-check proves that the claim has been misleadingly shared on X. The currency with the star (*) symbol is legal and valid as clarified by RBI.

Analysis: Misleading