Is the Reserve Bank of India (RBI) planning to ban ₹5, ₹10, and ₹100 notes in the country? Ever since India announced the demonetization of ₹500 and ₹1,000 banknotes in the year 2016, there has been similar speculation about other denominations every now and then. Recently, a report claimed that the central bank was banning ₹5, ₹10, and ₹100 notes and that they won't be in circulation from March 2021. But how true is it?
The report in circulation claims that the RBI has decided to ban ₹5, ₹10, and ₹100 notes. It said that these notes would not be an acceptable currency from March 2021. In fact, it went on to say that the information was made public by the central bank itself.
Taking immediate note of the report, PIB Fact Check, the government's wing to counter misinformation, dismissed the claim. It said that the report was false. Further, it clarified that the Reserve Bank of India (RBI) had made no such announcement.