The Reserve Bank of India (RBI) has clarified that the old Rs 5, Rs 10, Rs 100 currency notes are not being withdrawn and will remain in circulation. The RBI issued the clarification in response to media reports which claimed that these currency notes would become invalid from March this year.
"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," the RBI said.
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.
— ReserveBankOfIndia (@RBI) January 25, 2021
Earlier, the Central government too, denied these reports. In a tweet, the Press Information Bureau (PIB) said that the claim was fake and that the RBI had issued no such statement.
The PIB Fact Check tweeted: “RBI has not made any announcement to discontinue usage of old currency notes of Rs 5, Rs 10 and Rs 100.”
Post demonetisation, the Rs 1000 and Rs 500 currency notes ceased to be legal tender but the old notes of Rs 5, Rs 10, Rs 100 denominations continued as legal tender. The RBI had introduced new notes in Rs 2,000 and Rs 200 denominations after demonetisation was announced in November 2016.
In 2019, the RBI had brought out new lavender-coloured Rs 100 currency notes. The RBI had stated at the time that all Rs 100 currency notes issued earlier would also continue to be legal tender. There has been no change from that statement and the old notes are set to gradually go out of circulation over a period of time.
The rumours of the old notes going out of circulation after March 2021 reportedly emerged after B Mahesh, Assistant General Manager of the RBI, had on Friday said that the central bank is planning to withdraw the old currency notes of Rs 5, Rs 10 and Rs 100 in circulation by March or April. However, he had clearly stated that the old currency notes will eventually go out of circulation, but they will remain valid as legal tender as long as they are in circulation.