Is RBI planning to scrap old ₹100 notes?

January 25, 2021 Hot from the Oven Valli Sarvani No comments

An official from the Reserve Bank of India (RBI) said that the old notes of denominations 100, 50, 10, and 5 may be scrapped. However, as soon as the statement was mentioned, many people circulated fake news.

A newspaper claimed that RBI will be withdrawing these notes by March 2021 and as a result panic was spread to many people.

As soon as that happened, the Press Information Bureau (PIB) made a fact check on this news. They announced that the claim of these notes no longer being legal is false. As such the viral news that spread in social media has been debunked. It is important to always fact check such news before taking hasty decisions.

Many people tried to get rid of their old notes as they were worried about a repeat of demonetization.

Ever since the demonization of 1000 and 500 rupee notes that happened in 2016, several such rumours came out. The decision taken by the Modi government has led to a considerable amount of controversy.

Many people said that other notes will also be removed from legal rotation to continue the demonetization plan. However, no such move has been taken.

Considering the pandemic and chaos caused by COVID-19, it is highly unlikely that any such decision will be taken by the RBI any time soon.

It was not an official statement from the RBI but merely one of the RBI officials suggesting that it might happen. As such, there is no reason to panic about the legality of one’s notes.

However, RBI did make statements about digital money lenders. There were controversies surrounding some of these platforms which are making victims out of desperate people who need money.

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