Rs 5, 10 And 100 Currency Notes To Be Banned?

In 2018, the Reserve Bank of India had issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes

New Delhi, January 24 (Maxim News): Amid reports doing round that the circulation of old currency notes of Rs 100, 10 and 5 would stop permanently by March-April, Reserve Bank of India (RBI) said that Central bank has no such plans and termed the report as ‘fake’.

An RBI spokesperson clarified that they are not planning any such move. However, there is no official confirmation from RBI as of yet on the matter.

As reported by several media publications, RBI Assistant General Manager B Mahesh while speaking at District Level Security Committee (DLSC) and District Level Currency Management Committee (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.

New currency notes of 100 rupees were released by the RBI in 2019. The 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.

“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. 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.

However, even after 15 years of the introduction of Rs 10 coin, traders and businessmen have not accepted the coins which has become a problem for banks and RBI.

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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