“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”: Assistant General Manager of RBI B Mahesh

The Central bank is planning to withdraw the old series of currency notes

On Friday, Assistant General Manager of the Reserve Bank of India (RBI) B Mahesh asserted that the Central bank is scheduling to discontinue the old series of currency notes, including Rs 100, Rs 10, and Rs 5, by March or April.

He spoke at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting organized by the District Lead Bank at Netravati Hall in Zilla panchayat. Mahesh asserted that the old currency notes of Rs 100, Rs 10, and Rs 5 would ultimately go out of circulation as RBI intends to withdraw them by March-April.

He augmented that even after 15 years after bringing up the Rs 10 coin, traders and people in business have not endorsed the cash, which has become an issue for banks and RBI. He said that Rs 10 coins had been amassed in the chest of banks.

Adding that banks should make people informed of the gossips spread about the coin’s certainty, the AGM said that the bank should discover ways to push the Rs 10 currency among the public.

In 2019, RBI had handed out new Rs 100 notes in lavender color having motif of ‘Rani ki vav’ – a stepwell located on the Saraswati river banks in Gujarat’s Patan.

“All Rs 100 banknotes issued earlier will also continue to be legal tender,” the central bank said while disclosing the problem of the new Rs 100 notes.

Furthermore, the central bank brought up a Rs 200 note and currency note in the denomination of Rs 2,000 after the demonetization on November 8, 2016.

In 2019, replying to an RTI query, the Reserve Bank of India (RBI) communicated that the Central Bank had stopped the printing of high-value banknotes. This justifies the fewer Rs. 2000 notes being sourced by ATMs.

Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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