A message claiming that the old currency notes of Rs 100, 10 and 5 will be withdrawn by RBI by the end of March or April 2021 is viral on social media.
This report was carried by several media websites.
As reported by several media publications, 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.
The claim is FALSE.
RBI has refuted the claims in a tweet. RBI clarified that "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."
Press Information Bureau has also issued a statement on Twitter negating the reports. 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."
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-colored 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.
Media outlets have also published articles stating that the viral reports are FALSE.
Hence, the claim that the old currency notes of Rs 100, 10 and 5 will be withdrawn by RBI by the end of March or April 2021 is FALSE.