Explained: Is the Ban on Old Rs 100 Banknotes in India?
Recent rumours have been circulating claiming that the Reserve Bank of India (RBI) may withdraw the old series of ₹100, ₹10, and ₹5 currency notes by March or April 2021. These unverified reports have created unnecessary anxiety among the public, prompting some individuals and shopkeepers to hesitate or even refuse to accept the older notes for daily transactions. Such panic, however, stems from misinformation rather than any official announcement. In reality, the gradual withdrawal of older currency series is a normal international practice undertaken by central banks once new series are introduced with enhanced designs and improved security features. The RBI has followed similar procedures in the past—for example, by withdrawing all pre-2005 banknotes—while ensuring that the process does not inconvenience the general public. Even during such phases, older notes continue to remain valid and can be freely used for transactions until formally declared otherwise. During a meeting of...