The Reserve Bank of India (RBI) is planning to withdraw the old series of currency notes including Rs 100, Rs 10, and Rs 5 by March or April, an Assistant General Manager B. Mahesh said on Friday.
Speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting organised by the District Lead Bank at Mangaluru’s Netravati Hall in Zilla panchayat, Mahesh said 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, even after 15 years of the introduction of Rs 10 coin, traders and businessmen have not accepted the coins which has become a problem for banks and RBI.
In 2019, RBI had issued new Rs 100 notes in lavender colour with the motif of ‘Rani ki vav’ – a stepwell located on the banks of Saraswati river in Gujarat’s Patan.
The RBI introduced a Rs 200 note in addition to currency note in denomination of Rs 2,000 after the demonetisation on November 8, 2016.
In 2019, responding to an RTI query, the RBI conveyed that it has halted the printing of high-value banknotes. This provides an explanation for the fewer Rs 2000 notes being sourced by ATMs.