RBI Denies Media Reports On Withdrawal Of ₹100, ₹10 And ₹5 Banknotes

The clarification by the Twitter handle of the RBI follows a weekend frenzy of another demonetisation.

The Reserve Bank of India (RBI) on Monday, through its Twitter handle, denied reports surrounding a potential withdrawal of ₹100, ₹10 and ₹5 banknotes belonging to an older series.

These rumours went as far as concluding that a second demonetisation exercise was in the works; with the frenzy starting over the weekend when an Assistant General Manager of the RBI, in an address in Mangaluru to the District Level Currency Management Committee on January 21, was reported saying that old ₹100, ₹10 and ₹5 banknotes would be put out of circulation by March or April.

He also said that ATMs be recalibrated to dispense the newer ₹100 banknotes, and that banks should receive mutilated notes from the people, and not direct them to the RBI or to other banks. He is also reported saying that banks should push for the use of ₹10 coin, which is still looked with distrust in transactions.

The RBI issued a new series of ₹100 purple banknotes since 2018, which has the 'Rani Ki Vaav' on its backside, measuring 66mm x 142mm. At the time of its announcement, the RBI circular stated, "All the banknotes in the denomination of ₹ 100/- issued by the Reserve Bank in the earlier series will continue to be legal tender." The circular can be read here (triggers download).

Also Read: Sensex Hits 50,000: How It Traveled Over 40 Years Since 1979

However, users of social media equated this potential phasing out to an ongoing second demonetisation exercise. .

In its statement, the RBI denied these rumours, or anything surrounding a withdrawal of these notes.

Previously, these rumours were seen in late 2019, when the RBI said in a Right to Information reveal that it had discontinued the printing of the ₹2000 banknote. It urged readers to quickly exchange their ₹2000 notes first until October 31 and then till December 31, as a new ₹1000 note was poised to be introduced.

BOOM has debunked these rumours here and here.

Also Read: Bank NPAs May Rise To 14.8% In A Severe Stress Scenario By Sept 2021

Updated On: 2021-01-25T19:16:09+05:30
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