Fact Check: Is RBI banning Rs 100 notes in india?

New Delhi, Jan 25: The central government has refuted media reports saying the old currency notes of Rs 5, Rs 10 and Rs 100 would become invalid from March this year.

"With regard to reports in certain sections of media on withdrawal of old series of Rs100, Rs10 and Rs5 banknotes from circulation in near future, it is clarified that such reports are incorrect," the Reserve Bank of India (RBI) said in a statement.

On Sunday, the Press Information Bureau (PIB) also busted the fake news and said that the Reserve Bank of India (RBI) has made no such announcement.

"RBI has not made any announcement to discontinue usage of old currency notes of Rs5, Rs 10 and Rs 100," PIB Fact Check handle tweeted.

The speculation gained momentum after an official said that the old currency notes of Rs 100, Rs 10 and Rs 5 will eventually go out of circulation as RBI plans to withdraw them by March-April.

However, even after 15 years of the introduction of Rs 10 coin, it can be seen that traders and businessmen have not accepted the coins which has become a problem for banks and RBI.

Earlier, RBI had issued new Rs 100 notes in lavender colour with the motif of 'Rani ki vav' - a stepwell located on the banks of Saraswati river in Gujarat's Patan.