Mumbai girl says how she was cheated by an auto driver by giving Children Bank of India's Rs. 100 note.
Speculations are rife that the government is planning to demoetise Rs 50 and Rs 100 currency notes as well after already having done so with the Rs 500 and Rs 1,000 currency notes.Facebook

Speculations are rife that the government is planning to demonetise Rs 50 and Rs 100 currency notes as well after already having done so with the Rs 500 and Rs 1,000 currency notes. 

However, according to a Times of India report, the government on Wednesday laid rest to speculations and said that it does not intend to demonetise Rs 50 and Rs 100 currency notes.

The twitter handle of the Press Information Bureau (PIB), in a series of tweets, said that speculations of the demonetisation of Rs 50 and Rs 100 currency notes were just a "myth" and that Prime Minister Narendra Modi would not be addressing the nation again to declare the lower denomination notes as invalid.

"Baseless; no intention of cancelling legal tender status of notes of any other denomination," PIB said in a tweet.

The government also addressed complaints that the quality of the new Rs 2,000 notes is not up to the mark with the colour also coming off them.

"Currency notes have a security feature called intaglio printing. The first test for a genuine currency note is to rub it with a cloth; this creates a turbo-electric effect, transferring the ink colour onto the cloth," the PIB said.

The PIB also clarified that complete secrecy was maintained while making this move and that no information was leaked to anyone.

Meanwhile, Finance Minister Arun Jaitley on Thursday announced that new Rs 1,000 notes will not be reintroduced any time soon putting to rest rumours that the new Rs 1,000 note would be reissued with special features.

Jaitley also said that around 22,500 ATMs were being recalibrated on Thursday to be able to dispense Rs 2000, Rs 500 and Rs 100 currency notes. 

The finance minister also rejected the Opposition's demand for a rollback saying that it was out of question.

The Reserve bank of India (RBI) issued a circular to banks instructing them to strictly that anybody  depositing over Rs 50,000 in cash in their bank account submits their PAN card if the account is not seeded with the card.

"In addition to the above provision, in the same IT Rules, PAN reporting requirements are there for other transactions, which banks need to insist upon," the circular said.

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