FactCheck: No RBI is not Withdrawing Old Series of Rs 100, Rs 10 & Rs 5 Banknotes

NEW DELHI: Amid rumours of banknotes getting withdrawn from the market by a certain section of media, the Reserve Bank Of India stated that there is no such move in near future.

Taking to its official Twitter handle, the RBI wrote, "With regard to reports in certain sections of media on withdrawal of old series of Rs 100, Rs 10 & Rs5 banknotes from circulation in near future, it is clarified that such reports are incorrect."

As reported by several media publications, it stated that Assistant General Manager (AGM) of the Reserve Bank of India (RBI) B Mahesh while speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting, stated that the old currency notes of Rs 100, Rs 10 and Rs 5 will eventually go out of circulation as RBI plans to withdraw them by March-April.

However, Mahesh assured that the people need not worry about the withdrawal of the old series, as the decision was made to keep only the new series (Mahatma Gandhi New Series) of the Rs 100 note in circulation.

At present, RBI issues notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000.

As per RBI's annual report, the value and volume of banknotes in circulation increased by 14.7 per cent and 6.6 per cent, respectively, in FY20.

In value terms, Rs 500 and Rs 2,000 banknotes together accounted for 83.4 per cent of the total value of banknotes in circulation at end-March 2020, with a sharp increase in the share of Rs 500 banknotes, it had said.

In volume terms, Rs 10 and Rs 100 banknotes constituted 43.4 per cent of the total banknotes in circulation at end-March 2020, RBI had said in the annual report.

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