Old Rs 100 currency notes to go out of circulation by March?

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.

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

He said that Rs 10 coins have been piled up in the chest of banks.

Adding that banks should make people aware of the rumours that are being spread about the coin's validity, the AGM said that the bank should find ways to push the Rs 10 coin among the public.

In 2019, RBI had issued new Rs 100 notes in lavender colour having 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. Besides, the central bank introduced a Rs 200 note in addition to currency note in denomination of Rs 2,000 after the demonetisation on November 8, 2016.

Even after 15 years of their introduction, Rs 10 coin have not been accepted by businessmen