RBI plans to withdraw old series of currency notes by March, here are the details
The Reserve Bank of India (RBI) is all set with a new plan to withdraw the old series of currency notes. B Mahesh, Assistant General Manager of the RBI on Friday revealed that the apex bank of the country is planning to withdraw all the old series of currency notes by March or April. Which includes Rs 100, Rs 10, and Rs 5 notes.
He shared that all the old currency notes of Rs 100, Rs 10 and Rs 5 will go out of circulation. Even RBI has decided to withdraw them by March- April. He shared the news while he was speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting. The meeting took place at Netravati Hall in Zilla panchayat and was organised by the District Lead Bank.
During the meeting he also shared his concern about 10 Rs coin. He said, 10 rupees coin were introduced 15 years ago still traders and businessmen have not accepted the coins. It has created a big problem for banks and RBI. No trader wants to accept coins and demands currency notes till now. Due to this RBI is bound to take immediate action to push the 10 rupees coin among traders and public.
He added that all banks should make a initiative to make people aware and to turn down all the rumours about validity of the coins. According to him it's the responsibility of banks that they should find a way to make people use these coins over old currency notes.
It was In 2019 when RBI had issued new Rs 100 notes. They were totally different in size and pattern from old notes and was in lavender colour with the motif of 'Rani ki vav' - a stepwell located on the banks of Saraswati river in Gujarat's Patan. While introducing those notes RBI said that,
'All Rs 100 banknotes issued earlier will also continue to be legal tender '. Meanwhile now the Central Bank is all set to withdraw all those old currency notes.