Ban Currency notes of Rs 100, 10 and 5 Notes: Latest News and the Truth
|Ban Currency notes of Rs 100, 10 and 5 Notes|
The Rumor Report of Rs 100 notes banned in India?
New currency notes of 100 rupees were released by the Reserve Bank of India 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.
The report in circulation claims that the RBI has decided to ban Rs 100, 10 and 5 notes. It said that these notes would not be an acceptable currency from March 2021. In fact, it went on to say that the information was made public by the central bank itself.
As reported by several media publications, Assistant General Manager (AGM) of the Reserve Bank of India (RBI) B Mahesh while speaking at the 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.
The Truth of Rs 100 notes banned in India
Taking immediate note of the report, PIB Fact Check, the government's wing to counter misinformation, dismissed the claim. It said that the report was false. Further, it clarified that the Reserve Bank of India (RBI) had made no such announcement.
"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 currency note in denomination of Rs 2,000 after the demonetisation on November 8, 2016.
The RBI conveyed that it has halted the printing of high-value banknotes. This provides an explanation for the fewer Rs 2000 notes being sourced by ATMs.