A front-page advertisement published in top Kerala newspapers has misled people into believing that the Indian government will ban physical currency and switch to digital currency from February 1, 2025, causing confusion and panic on social media.
The claims emerged after newspapers across Kerala put out an advertisement on behalf of Jain (Deemed-to-be University) in Kochi.
BOOM found that the headlines and articles published in newspapers such as Mathrubhumi and the Malayala Manorama were advertisements designed to resemble a news report.
The advertisement was promoted for a 7-day event titled ‘The Summit of Future 2025’ organised by the university. The ad, which appeared on the front page of newspapers, had the headline “Goodbye Notes; Now Digital Currency” in Malayalam. The ad included a statement saying the Reserve Bank of India announced that, starting February 1, all transactions in India would be conducted using digital currency.
It also quoted fictitious figures such as 'RBI Governor Dr. Arvind Kumar', 'Leader of Opposition Anjali Mehra' and 'Finance Minister Rajeev Singh'. It claimed that India would join other countries that have completely stopped using physical currency.
The ad further went on to say that the Prime Minister stated plans to transition all physical transactions to digital currency by withdrawing the notes in a phased manner without causing any difficulty to the public. It added that cash holders will have the opportunity to convert their money into digital currency through banks till February 15.
BOOM also came across a Facebook post that shared videos and images of the newspapers where the advertisement was published. These were Kerala dailies such as Mangalam, Chandrika, Siraj, Kerala Kaumudi, Deepika, Madhyamam, Suprabhatam, Janmabhoomi and Veekshanam.
Many users shared the claim asking the government for a clarification.
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Other users shared the fake article, praising the current government and asked questions on the process to convert notes and coins. The photo of the post was also viral on WhatsApp with users believing the news and panicking over the sudden announcement, reminiscent of the November 8, 2016 order where the government demonetised the 500 and 1000 rupee currency notes.
We also found several users on X and Facebook, highlighting the disclaimer and calling out the dailies for spreading panic and misinformation.
We then used Google Lens to translate the text visible on the pages and found that one of the articles is titled, "Goodbye Notes; Now Digital Currency" and quotes RBI Governor 'Dr. Arvind Kumar', 'Leader of Opposition Anjali Mehra' and 'Finance Minister Rajeev Singh'.
All the names mentioned above are fictitious. The current RBI Governor is Sanjay Malhotra, Leader of Opposition in the Lok Sabha is Rahul Gandhi and the Finance Minister is Nirmala Sitharaman.
A translation of the other articles also showed that they were exaggerated and fake stories about an underwater city, time being unstoppable and a robot appointed as the revenue minister.
BOOM further found that all the front pages carry a notice indicating it as a marketing feature and a disclaimer disguised to match the fake articles. We also noticed a clearly marked ad for Jain (deemed-to-be) University on all the pages.
The English translation of the disclaimer as visible in Malayala Manorama, states, "Here we are imagining what the front page of a newspaper will be like in 2050. Any resemblance to actual events or reports is purely coincidental. The views expressed herein do not necessarily reflect the views of Jain (deemed-to-be) University or its affiliates."
The disclaimer was placed next to a box about a course offered by the Jain (deemed-to-be) University, with a QR code leading to a 'Summit of Future 2025' page on the institution's website.
BOOM reached out to Venugopal, Chief Researcher and Customer Support In-Charge, Malayala Manorama, who confirmed that it was an advertisement published on behalf of the Jain (deemed-to-be) University in Kochi.
"This paper is meant to be their concept about the future of newspapers in 2050," he clarified. He further added that in some editions the advertorial feature was placed on the front page and on the second page, in others.
Following viral posts calling out the publication and the Jain (deemed-to-be) University, Tom M. Joseph, director of New Initiatives, posted a video clarification via the event's X page.
Joseph claimed the advertorial was a "creative exercise designed to prepare people for the future" and that readers had misinterpreted it despite the disclaimer.
