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This is What RBI Has to Say About Old Rs100 Notes Going Out of Circulation by March

This move will pave the way for a greater customer convenience and will leverage the 24x7 RTGS facility, said expert

This move will pave the way for a greater customer convenience and will leverage the 24x7 RTGS facility, said expert

The Reserve Bank of India tweeted that reports of withdrawal of old series of Rs 100, Rs 10 and Rs 5 were incorrect.

Putting an end to speculations regarding the withdrawal of old currency notes of Rs 100, Rs 10 and Rs 5 from circulation, the Reserve Bank of India clarified over social media that the information is incorrect.

Taking to Twitter, the central bank wrote, ‘With regard to reports in certain sections of media on withdrawal of old series of ₹100, ₹10 & ₹5 banknotes from circulation in near future, it is clarified that such reports are incorrect’.

Recently, RBI had been making headlines with regards to a report that claimed it is planning to withdraw the old series of currency notes by March or April of this year.

Such reports were also shunned by the Press Information Bureau (PIB) stating that the Reserve bank had made no such announcement.

Also read: RBI to Issue New Rs 20 Banknote With Ellora Caves Motif. Here’s All You Need to Know About it

An RBI spokesperson has also thrashed the report and clarified that it has no plan to withdraw these notes, reported Money control.

It was earlier announced by the Assistant General Manager (AGM) of the RBI B Mahesh at the District Level Security Committee Meeting that old currency notes of Rs 100, Rs 10, and Rs 5 will eventually go out of circulation as is the norm but they will remain legal tender.

New currency notes of 100 rupees were released by the RBI in 2019 in the color lavender. While issuing these new notes, the central bank had maintained that all Rs 100 banknotes issued earlier will also continue to be legal tender.

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first published:January 25, 2021, 16:21 IST