RBI refutes reports of withdrawal of old Rs 100, Rs 10, Rs 5 notes by March 2021

The Reserve Bank of India (RBI) on Monday refuted reports of withdrawal of old series of Rs 100, Rs 10 and Rs 5 currency notes.

"With regard to reports in certain sections of media on withdrawal of old series of Rs 100, Rs 10 & Rs 5 banknotes from circulation in near future, it is clarified that such reports are incorrect," the RBI said in a tweet.

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.

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