The RBI clarified that it has no plans to scrap the old series of ₹ 100, ₹ 10 and ₹ 5 currency notes
The Reserve Bank of India (RBI) on Monday clarified that it has no plans to scrap the old series of ₹ 100, ₹ 10 and ₹ 5 currency notes and these will continue in circulation as legal tender.
The RBI tweeted : With regard to reports in certain sections of the media on withdrawal of old series of ₹100, ₹10 & ₹5 banknotes from circulation in the near future, it is clarified that such reports are incorrect.
Reports in certain sections of the media (Not India Narrative) had claimed that the RBI had decided to ban ₹ 5, ₹ 10 and ₹ 100 notes and these would not be accepted as currency from March 2021.
In 2018, RBI had issued currency notes with a new design in the denominations of ₹ 10, ₹ 50 and ₹ 200. This was followed in 2019 with new lavender-coloured ₹ 100 currency notes. It was made clear at the time that all ₹ 100 currency notes issued earlier would also continue to be legal tender.
During the surprise demonetisation announced in November 2016, the old 500 and 1,000 rupee notes had been scrapped as part of the war on black money. This had removed from circulation a whopping Rs 15.44 lakh crore, constituting as much as 86 per cent of the country’s total cash.
However old notes of 100, 10, 5 rupees denomination have continued as legal tender. RBI had introduced a new Rs 2000 currency note at the time. It had also issued new 500 and 200 rupees currency notes.