New Delhi: Assistant General Manager of the Reserve Bank of India (RBI) B Mahesh said that old series of currency notes including Rs 100, Rs 10 and Rs 5 are likely to go out of circulation by the end of March or April as the apex bank is planning to withdraw them.
According to a report in Free Press Journal, speaking at the District Level Security Committee (DLSC) and District Level Currency Management Committee (DLMC) meeting that was organized by the District Lead Bank at Netravati Hall in Zilla panchayat, he also said that Rs. 10 coins are piling up in the currency chests of banks as traders, businessmen and many others are reluctant to accept them. They are suspecting that the coins are counterfeit.
There is a need to spread awareness among the public about the Rs 10 coins, he added.
In 2019, RBI started issuing new currency notes of Rs 100.
After demonetization, the government had introduced Rs. 200 and Rs 2000 notes. However, in 2019, an RTI reply by RBI revealed that the Central Bank had stopped printing Rs 2000 notes.