Several news websites were running news that the Reserve Bank of India was preparing to close Rs 5, 10 and 100 notes soon. The news came at the behest of B Mahesh, assistant manager, RBI Bank. Several news websites are also considering plans to return RBI notes and series of Rs 5, 10 and 100. But this news is not true. Because the PIB has falsified this news in the fact check.
The currency of the new notes market is also rising very fast
That being said, the old notes will be taken back until the new notes come into circulation. The rationale behind the closure of these notes was that the government had earlier decided to ban the notes with the intention of avoiding counterfeit notes. Now special attention is also being paid to old notes. New notes were issued at that time. The currency of the new notes market is also rising very fast.
In the 2016 banknote ban, old Rs 100 notes were introduced in the interest of the people
This is not a new thing or a new process. Replacing old notes with new ones is one of the most common process for banks. This should not be defined as 'demonetisation'. In the 2016 banknote ban, work was started to issue old Rs 100 notes in the interest of the people. Banks are now phasing out these old notes into new ones.
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