A video shared on Instagram which is claiming that RBI is planning on issuing photos of notes instead of paper notes and coins in order to cut the cost of production.
The video also states you just have to share the photos of notes in order to make transactions using the new app that will be launched by the RBI. The video also states the difference between UPI transactions and this new type of transaction.
The video is shared by a user named ankitfactzz on Instagram, and now the video is having more than 180k likes.
To investigate the claim made by an Instagram account, the DFRAC team did a keyword search and found reports on different media houses like Business Today and Times of India, stating that the RBI is going to launch digital Currency that will be different from cryptocurrency as it will be in the form of Fait money (that is issued and backed by a government).
It further states, “the digital rupee will be different from UPI as it will not earn any interest like cash and can be converted into any form of money, like deposits in banks.”
In none of the latest reports by any news channels, we found any report that states the RBI is going to stop the production of coins and notes and use photos of notes instead because if this would have been the case it would be on the mainstream media channels.
With the investigation, it is clear that no such new rules have been announced by RBI so the claim made by the Instagram account is misleading as it is not on any official news sites or stated by RBI itself.