There has been a great buzz about the old notes of 100, 10, and 5 rupees recently. The Reserve Bank of India has informed that these notes may be out of circulation soon. After March, RBI can remove all old notes from circulation. However, nothing has been officially said by RBI in this regard yet. However, Reserve Bank of India Assistant General Manager B Mahesh has said that RBI is working on a plan to withdraw the series of these old notes.
According to a report published on Money Control, B. Mahesh said this in the District Level Security Committee (DLSC) meeting. Actually, new notes of the following denomination have already come into circulation in exchange for old notes of 100 rupees, 10 rupees, and 5 rupees. In such a situation, if the old notes are stopped then people should not have any problem.
Reserve Bank of India has said that people had to face a lot of problems at the time of demonetization, therefore this time RBI has ensured that new notes come into the market in the same flow as the old notes were circulated, so that people do not have to face any problem And the old denomination will not be stopped suddenly, to avoid any further panic.
When the Reserve Bank of India issued 100 rupee notes in the year 2019, it made it clear in its guidelines that ‘all the 100 rupee notes issued earlier will also continue to be accepted as a legal tender’. Apart from this, the central bank also issued notes of Rs 2000 and Rs 200 notes after demonetization on 8 November 2016.