Explained: Is the Ban on Old Rs 100 Banknotes in India?

In recent circulating rumors, it has been suggested that the Reserve Bank of India (RBI) is contemplating the withdrawal of the old series of currency notes, including Rs 100, Rs 10, and Rs 5, by March or April 2021. This speculation may have induced panic among the public, leading some individuals to cease transactions involving the old notes.

It is a standard international practice to withdraw old series notes once the new series is released. It's important to note that the Reserve Bank of India (RBI) has previously withdrawn banknotes issued before 2005, and this procedural phase doesn't adversely affect the general public.

Addressing the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) at Mangaluru's Netravati Hall in Zilla Panchayat, Mr. Mahesh emphasized that the older currency notes of Rs 100, Rs 10, and Rs 5 will gradually phase out of circulation, as is customary. However, it is essential to clarify that they will remain legal tender.

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