No plans to withdraw old `100 notes: RBI
RBI clarified in a Twitter statement that media reports on withdrawal of old series of banknotes of Rs 5, Rs 10 and Rs 100 from circulation were incorrect
Mumbai: The Reserve Bank of India has denied reports that old currency notes will become invalid from March this year. The central bank clarified in a Twitter statement that media reports on withdrawal of old series of banknotes of Rs 5, Rs 10 and Rs 100 from circulation were incorrect.
The Rs 1,000 and Rs 500 currency notes were rendered invalid by demonetisation that took place in the year 2016, but old notes of Rs 5, Rs 10 and Rs 100 have continued as legal tender.
Some recent reports had claimed that the RBI had decided to ban Rs 5, Rs 10 and Rs 100 notes and these would not be an acceptable currency from March 2021.
In 2018, the Reserve Bank of India (RBI) had issued new -look currency notes in the denominations of Rs 10, Rs 50 and Rs 200. And in 2019, the RBI had introduced new lavender-coloured Rs 100 currency notes. It had asserted at the time that all Rs 100 currency notes issued earlier would also continue to be legal tender.
"All banknotes in the denomination of Rs 100 issued by the RBI in the earlier series will continue to be legal tender," RBI had said then. And following demonetisation in 2016, RBI had introduced the largest legal tender available i.e. Rs 2000 and Rs 200.