Old Rs 100 notes will be banned from March? Here's what RBI has to say!
The RBI is yet to issue an official statement on banning circulation of old currency notes of Rs 100, 10 and 5. However, several media reports have quoted an RBI official stating that these notes will go out of circulation as some banks plans to withdraw them by March-April.
On Friday, Assistant General Manager of the Reserve Bank of India (RBI) B Mahesh said that the Central bank is planning to withdraw the old series of currency notes including Rs 100, Rs 10, and Rs 5 by March or April.
He was speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC)meeting organised by the District Lead Bank at Netravati Hall in Zilla panchayat. Mahesh said that the old currency notes of Rs 100, Rs 10 and Rs 5 will eventually go out of circulation as RBI plans to withdraw them by March-April.
In 2019, "All Rs 100 banknotes issued earlier will also continue to be legal tender," the central bank said while announcing the issue of the new Rs 100 notes. RBI had issued new Rs 100 notes in lavender colour with the motif of 'Rani ki vav' – a stepwell located on the banks of Saraswati river in Gujarat’s Patan. The RBI introduced a Rs 200 note in addition to the currency note in denomination of Rs 2,000 after the demonetisation on November 8, 2016.
Speaking of the Rs 10 coin, even after 15 years of its introduction, the coin has not been accepted by traders and businessmen, which has become a problem for banks and RBI. Several rumours surfaced around the coin that created doubt among the people about its validity. Traders and shopkeepers still refuse to take Rs 10 coin that do not have a rupee symbol on them.
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