The Reserve Bank of India is preparing to take a major decision on Rs 100, Rs 10 and Rs 5 notes. The old notes are likely to go out of circulation in coming March or April. Assistant General Manger of RBI B. Meena that the apex bank is planning to withdraw old series of these currency notes and put them out of legal money flow in the economy, while addressing a meeting organised by District Lead Bank at Netravati Hall in Zilla panchayat on Frida
There are various rumors circulating in the market about Rs 10 coins. Some merchants or shopkeepers are refusing to accept the coins. The RBI said this is a problem for the bank. Meena said that people do not accept the coins and avoid dealing in them. He added that even after 15 years of introducing Rs 10 coin, traders and businessmen have not accepted the coins which has become a problem for banks and RBI. AGM said," Rs 10 coins have been piled up in the chest of banks.
He further added that various banks should find ways to promote the circulation of Rs 10 coins among public and make people aware about the wide spread rumours about surrounding coin's validity as a legal tender.
The central bank had issued new Rs 100 notes in lavender colour in 2019, however the existing series is still a legal tender. Following demonetisation in 2016, RBI had introduced the largest legal tender of Rs 2000 and a Rs 200 series.