Demonetization Starts For These Currency Notes From March, 2021: What Should You Do Now?
Update: Govt of India has clarified that the old Rs 100, Rs 10 and Rs 5 notes will be valid and will be legal tenders, even as they are being pulled out. Here is the tweet.
As per confirmed reports coming in, the Govt of India will unleash a new wave of demonetization for some currency notes, and this exercise will be effective from March, 2021.
So, what should you do now?
Keep reading to find out more..
Demonetization Starts For These Currency Notes
The old series currency notes of Rs 100, Rs 10, and Rs 5 will be demonetized.
This means, that starting from March, 2021, Govt of India will start pulling out these notes, and they would not be circulated anymore in the market.
This has been confirmed by B Mahesh, who is the Assistant General Manager of RBI. He was attending a function organized by the District Lead Bank at Mangaluru’s Netravati Hall in Zilla panchayat.
He said that the circulation of the old series of Rs 100, along with Rs 10 and Rs 5 currency notes will be completed stopped after March, 2021.
What Should You Do?
In case you have the currency note of Rs 100 in the old series, then there is nothing to worry about. When the new series of Rs 100 had been introduced in 2019, RBI had clearly stated that the old currency series of Rs 100 will be a valid legal tender.
RBI had said in 2019, “All Rs 100 banknotes issued earlier will also continue to be legal tender,”
This demonetization is not like the earlier case, wherein old Rs 500 and Rs 1000 notes ceased to be legal tenders overnight.
In this case of demonetizing old Rs 100 currency, three things will happen:
- All old currencies will be pulled out from the circulation
- But they still will be valid legal tenders
- From March, 2021, only new series of Rs 100 currency notes will be provided in ATMs, and banks.
Rs 10 Coins Still Not Accepted
During the event, RBI’s General Manager also shared the fact that despite repeated assurances from the RBI and Govt, Rs 10 coins are still not widely accepted.
It has been 15 years since Rs 10 coin was introduced.
He urged everyone to support the usage and circulation of Rs 10 coins.
We will keep you updated, as more details come in.