This article is from Jan 31, 2021

Fact check: Reserve Bank announced the withdrawal of old Rs 5,10 & 100 notes?

Claim

RBI announces the withdrawal of old Rs 5, Rs 10 and Rs 100 notes by March or April. Rs.5, Rs.10 and Rs.100 notes will be collected and new rupee notes will be issued. RBI has been decided to withdraw the purple Rs 100 notes introduced in 2019 after the currency devaluation.

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Description

After the Rs.500 and Rs.1000 notes were declared invalid on November 8, 2016, rumours of multiple currency’s devaluations have gone viral on social media.

In this situation, the leading newspapers are reporting that the Reserve Bank has announced that the old Rs. 5, Rs. 10 and Rs. 100 notes will be withdrawn. However, the Reserve Bank of India has denied the allegations.

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On January 25, the Reserve Bank of India (RBI) said on its Twitter page 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.”.

Read more: Will  2000 rupee notes not be valid from March 1? | Confusion over Indian bank announcement.

Explanation

Prior to this, there were repeated rumours that the new 2000 rupee notes would not be valid and that the 50 and 100 rupee notes would be withdrawn which is shared by many on social media.

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