New Delhi: Days after an official of the Reserve Bank of India (RBI) said that the old series of currency notes including Rs 100, Rs 10, and Rs 5 may be scrapped, multiple fake news have flooded social media. Also Read - RBI JE Admit Card 2021 Released: Here’s How to Download at rbi.org.in

A new report published in a Hindi newspaper claimed that the central bank has planned to withdraw Rs 100, Rs 10 and Rs 5 notes by March 2021.  Soon the picture of the report went viral on many social media platforms, triggering panic in many. Also Read - Need Coordinated Action Between Centre, States on Tax Reduction in Fuel Prices: RBI Governor

Later the Press Information Bureau (PIB) conducted a fact check and debunked the report. “It is being claimed that hundred, ten and 5 rupee notes will no longer be legal tender from March 21, as per the information given by RBI. This claim is false”,  the PIB tweeted. Also Read - Will Cryptocurrencies Have Impact on Financial Stability of Country? RBI Expresses Concern

Demonetisation

Several such false claims have been made especially since Prime Minister Narendra Modi, in a surprise move on November 8, 2016, announced the withdrawal of currency notes of Rs 1,000 and Rs 500 denomination from the banking system. The move came to be known as ‘demonetisation.’

In 2018, the Reserve Bank of India had issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes.