RBI Confirms Old 100-Rupee Notes Still Valid Amid Fake News
Social media claims about the invalidation of old 100-rupee notes in India have been refuted by the Reserve Bank of India (RBI).
Casey Parker
- 2023-12-27
- Updated 10:37 PM ET
(NewsNibs) - The RBI has clarified that the widely shared claims stating old 100-rupee notes will no longer be legal tender, with a deadline of March 31, 2024, to exchange them, are completely false. In a conversation with RBI spokesperson Yogesh Dayal, the rumor of withdrawing these notes was officially denied. The central bank has issued no directive instructing the discontinuation or mandatory exchange of old 100-rupee notes by the claimed date. Investigations into the RBI's official communications also revealed that no notification about any such withdrawal was on record.
Recent Circular Regarding High-Value Notes
While rumors about the 100-rupee notes have been debunked, the RBI has indeed initiated a process concerning a different banknote denomination. According to an official circular, the 2000-rupee note will be phased out of circulation. The public has been given a time frame until September 30, 2023, to deposit or exchange their 2000-rupee notes at their banks.
In 2018, the RBI introduced a new design for the 100-rupee note featuring a lavender color scheme and various new patterns. Despite the redesign, both the old and new series of 100-rupee notes remain in circulation as legal tender. This stands in contrast to the events of 2016, when the RBI declared the old 500 and 1000-rupee notes invalid post demonetization. To avoid confusion and counter misinformation, the RBI reiterated on their official Twitter account in 2021 that rumors concerning the withdrawal of old denominations like the 100, 10, and 5-rupee notes were baseless.
Old Note Claims Rejected
RBI spokesperson Yogesh Dayal has confirmed that there are currently no plans or guidelines to phase out the existing series of 100-rupee notes or any other lower denominations previously rumored. As false claims circulate, the central bank encourages the public to check official RBI communications for accurate information and to be cautious with unverified news on social media. As of now, all 100-rupee notes, irrespective of their series, continue to be valid currency across India.
