About four years ago, on 8 November 2016, Prime Minister Narendra Modi made a historic announcement of demonetisation. In this announcement made at eight o’clock in the night, he had said that from 12 o’clock tonight the legal tender of 500 and 1000 rupee note is being ended. In simple words, from 9 November 2016, 500 and 1000 rupee notes became like paper. Due to the announcement of the PM, 86 percent of the currency who were in circulation at that time were suddenly out of circulation. An official of the Reserve Bank has said that now the old notes of 5, 10 and 100 will also be taken out of circulation.
According to the information given by the Reserve Bank of India regarding the old notes of 100 rupees, 10 rupees and 5 rupees, these notes will be put out of circulation by the end of this financial year or by April 2021. This information has been given by B Mahesh, Assistant General Manager of Reserve Bank of India. He said that the RBI is working on a plan to withdraw the series of these old notes. Let us know that new notes of 100, 10 and 5 have already been issued.
Old Series Notes are withdrawn from time to time.
In such a situation, if you also have old notes of 100, 10 and 5 and till April they remain with you, then there is no need to panic. From time to time, the Reserve Bank keeps the old series notes out of circulation. This is not a new process. RBI does this to prevent fake currency and black money. Before demonetisation, in January 2014, the RBI decided to withdraw 500 and 1000 rupee old notes from circulation. This decision was taken regarding the notes which were printed before 2005. Regarding this, the Reserve Bank issues a circular first and gives enough time to the people that if they have such a note, then they get it deposited back in the bank.
There will be enough opportunity to change
At present, no deadline or circular has been issued by the Reserve Bank of India regarding old notes of 100, 10 and 5. At the time when its official announcement will be made, at that time the Reserve Bank will give people plenty of time to exchange old notes. A deadline will be set for this and people will have enough opportunity to go to the bank and be able to exchange such notes lying with them.
Know when new notes come?
Explain that after demonetisation, new notes of 2000, 500, 200, 100, 50, 20, 10 and 5 rupees have been issued by the Reserve Bank. However, the old note still has validity and is also in circulation. RBI issued a new note of 10 on 5 January 2018, a new note of 100 was issued in July 2019, new notes of 20 have also been issued, new notes of 50 were issued on 18 August 2017, 25 On August 2017, 200 new notes were issued. 500 notes were issued on November 10, 2016, just after demonetisation. The 2000 note was also issued on the same day. It replaced the 1000 rupee note. At present, a note of 1000 rupees is not in circulation.
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