B2B | Business news | Business news in India | Small business ideas

Old notes of Rs 100, 10 and 5 may go out of circulation after March, check RBI statement

The Reserve Bank of India has not yet issued an official statement on the withdrawal of the old currency notes of Rs 100, 10, and 5. However, various media reports quoted an RBI official as saying that these notes will be out of circulation as the apex bank plans to withdraw them by March and April.

New Delhi: In what comes as a recent development, the Reserve Bank of India (RBI) is planning to withdraw the old currency notes of Rs 100, 10, and Rs 5. The notes will reportedly go out of circulation at the end of March or April, as the top bank plans to withdraw them permanently. However, there is no official confirmation from the Reserve Bank of India on this matter yet.

As reported in various media publications, Assistant General Manager (AGM) of the Reserve Bank of India (RBI) B Mahesh stated while speaking at the District Level Security Committee (DLSC) and DLMC meeting, stated 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.

It is to be noted that the new 100, 10, and 5 rupee notes have already entered into circulation against the old notes.

Old notes of Rs 100, 10 and 5 may go out of circulation after March, check RBI statement

The Reserve Bank of India issued new Rs 100 notes in 2019. According to sources, to avoid the chaos observed during the demonetization period, the Reserve Bank of India is not in favor of withdrawing the circulation of any old notes. To keep the system streamlined, the apex bank introduces new banknotes to the market, ensuring their circulation before deciding to end the circulation of old banknotes.

In 2019, the Reserve Bank of India issued a new lavender-colored 100 rupee note with the idea of "Rani Ki vav", a movement located on the banks of the Saraswati River in Bataan, Gujarat state. In announcing the issuance of the new 100 rupee denomination, the central bank said: "All previously issued 100 rupee notes will remain legal tender." The Reserve Bank of India presented a 200 rupee note in addition to the 2000 rupee note after canceling the Trading on November 8, 2016.

In 2019, in response to RTI's inquiry, the Reserve Bank of India (RBI) announced that it was discontinuing the printing of high-value banknotes. This provides an explanation for the lower number of Rs 2,000 notes that are obtained from the ATM.

Speaking of the Rs 10 coin, even 15 years after its introduction, the coin was not accepted by traders and businessmen, which became a problem for banks and the Reserve Bank of India. There have been numerous rumors about the coin that have raised doubts among people about its validity. Traders and shopkeepers still refuse to take Rs 10 coin that does not have a rupee symbol on them.

Also Read: Union Budget 2021: Expectations of the Travel & Hospitality Sector

  • Share
logoSubscribe now