Rs.10 and Rs.100 Notes Banned? RBI’s Official Said What?

Rs.100 Notes Banned

100 Rupee note new update

According to RBI latest news. In a significant move, the Reserve Bank of India (RBI) has recently issued a crucial update regarding the old 5, 10, and 100 rupee notes. These notes have been a part of India’s currency landscape for quite some time, and the RBI’s latest announcement has sparked curiosity and concern among the public. This page will explore the details of this update and explain its implications for the common citizen.

Background: Devaluation of Old Notes

The RBI has periodically demonetized old currency notes to combat the proliferation of counterfeit currency in circulation. When the RBI officially announces demonetizing specific notes, individuals must deposit them in their bank accounts or exchange them for new ones. This systematic process helps maintain the integrity of the currency in circulation.

Continuation of 100 Rupee Notes

Approximately two years ago, the RBI introduced a new version of the Rs. 100 note. This updated note features a rich, dark purple colour and showcases the historic Rani Ki Vav, also known as Rani Ki Bavdi, in the Pathan district of Gujarat. Rani Ki Vav earned UNESCO World Heritage Site status in 2014 due to its cultural significance, as it is associated with the Saraswati River.

RBI Assistant General Manager P. Mahesh clarified that despite introducing the new Rs. 100 note, the old Rs. One hundred notes will remain valid currency and remain in circulation. This move ensures a smooth transition for the public, allowing them to use both note versions.

The Perplexity Surrounding Rs. 10 Coins

In contrast to the Rs. 100 note, the Rs. 10 coin has posed a unique challenge for the RBI. Despite being in circulation for 15 years, shopkeepers and traders frequently refuse to accept it. Rumours have also been circulating about this coin’s validity, leading to a significant accumulation of Rs. 10 coins at the Reserve Bank.

Addressing this issue, RBI Assistant General Manager P. Mahesh stated, “There is no plan to remove the 10 rupee coin from circulation. All banks should make people aware that there is no fake currency problem. Banks should take all steps to ensure that the Rs. 10 coin continues to circulate in the market as before.”

Trust in Official Announcements

The RBI has emphasized the importance of trusting official announcements and not giving in to rumours circulated on social media regarding the validity of certain currency notes. The central bank has also provided specific guidelines for an invalid currency note. Here are some key criteria to identify invalid notes:

  • Currency notes that are excessively dirty or soiled.
  • Currency notes that have become loose due to prolonged use.
  • Currency notes were torn from edge to centre.
  • Currency notes with holes exceeding 8 square millimetres.
  • Currency notes with any graphic alterations.
  • Currency notes with ink stains.
  • Currency notes with faded colours.
  • Currency notes containing tape or glue.
  • Currency notes with a significant color change

Finally, Rs. 10 and Rs. 100 notes have not been banned. The Reserve Bank of India (RBI) has clarified that there is no plan to withdraw the old currency notes of Rs. 5, Rs. 10, and Rs. 100 from circulation. These notes will continue to be legal tender.