Fact Check: Has exchange facility for demonetised currency notes been extended?

In November 2016, the Government had announced that the the Rs 500 and Rs 1,000 notes would no longer be legal tender. The move was aimed at curbing black money

A messages has gone viral claiming that the exchange facility for Indian demonetised currency for foreign citizens has further been extended.

The circular being attributed to the Reserve Bank of India says, "attention of authorised persons is invited to authorised person circular dated November 9 2016 giving certain exemptions to fogging tourists visiting India. In supersession of instructions issued therein, it has been decided that foreign citizens (foreign passport holders) should be given final facility for exchange foreign exchange for Indian demonetised currency notes."

Press Information Bureau Fact Check took to Twitter and clarified that this circular is fake.

"An order issued in the name of @RBI claims that exchange facility for Indian demonetized currency notes for foreign citizens has been extended. This order is fake. The exchange facility for Indian demonetised currency notes for foreign citizens ended in 2017," PIB Fact Check also said.

This makes it amply clear that the circular in circulation being attributed to the RBI is fake.

Demonetisation in India:

In November 2016, the government withdrew all existing Rs 500 and Rs 1,000 notes from circulation. Prime Minister Narendra Modi said that the move was aimed at curbing the circulation of black money. The government announced the issuance of new Rs 500 and Rs 2,000 banknotes in exchange for the demonetised banknotes.

Due to the limited window provided by the government to exchange the old notes for the new ones, there was confusion and panic. This also led to long queues outside the banks and cash shortages.

The move received mixed reactions. While some praised it, others criticised it for the impact such a move may have on the economy. Many small businesses which relied heavily on cash were hit initially.

The government however said that the move had gone a long way in curbing black money in the country.