The Reserve Bank of India on Mondy denied media reports stating that the old currency notes of Rs 5, Rs 10 and Rs 100 would become invalid from March this year. The RBI claimed that these reports are "incorrect".

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

With regard to reports in certain sections of media on withdrawal of old series of ₹100, ₹10 & ₹5 banknotes from circulation in near future, it is clarified that such reports are incorrect.

— ReserveBankOfIndia (@RBI) January 25, 2021

Earlier in the day, the Central government also negated these reports. In a statement on Twitter, the Press Information Bureau (PIB) clarified that the claim was fake and that the Reserve Bank of India (RBI) has made no such announcement.

The PIB Fact Check tweeted: “RBI has not made any announcement to discontinue usage of old currency notes of Rs 5, Rs 10 and Rs 100.”

एक खबर में दावा किया जा रहा है कि आरबीआई द्वारा दी गई जानकारी के अनुसार मार्च 2021 के बाद 5, 10 और 100 रुपए के पुराने नोट नहीं चलेंगे।#PIBFactCheck: यह दावा #फ़र्ज़ी है। @RBI ने ऐसी कोई घोषणा नहीं की है। pic.twitter.com/WiuRd2q9V3

— PIB Fact Check (@PIBFactCheck) January 24, 2021

The rumours of the old currency notes becoming invalid after March 2021 started making rounds after B Mahesh, Assistant General Manager of the RBI, had on Friday said the central bank is planning to withdraw the old currency notes of Rs 5, Rs 10 and Rs 100 in circulation by March or April.

Speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting at Netravati Hall in Zilla panchayat, Mahesh had clearly said that the old currency notes will eventually go out of circulation, but they will remain valid as legal tender as long as they are in circulation.

The RBI had introduced new lavender-coloured Rs 100 currency notes in 2019. At the time, it had stated that all Rs 100 currency notes issued earlier would also continue to be legal tender. There has been no deviation from the statement and the old notes will simply disappear from circulation gradually over a period of time.

Unlike the old Rs 1000 and Rs 500 currency notes that were rendered invalid following demonetisation, old notes of Rs 5, Rs 10 and Rs 100 will continue to be legal tender.

Speaking at the DLSC and DLMC meeting, Mahesh also said that even 15 years after the introduction of the Rs 10 coin, several businessmen have not accepted them and it has become a problem for the central bank as those coins have “piled up in the chest of banks”.

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.

(Edited by : Aditi Gautam)

First Published:Jan 25, 2021 1:38 PM IST