India's biggest surgical strike on black money was when the demonetisation was announced in November 2016, rendering the old series of Rs 1,000 and Rs 500 useless. While the success of the demonetisation is up for debate, the circulation of new Rs 500 and Rs 2,000 banknotes has replaced the old notes. But Indians were in for a shock when reports about old Rs 100, Rs 10 and Rs 5 banknotes are being demonetised.
Several media publications carried the news about old series of Rs 100, Rs 10 and Rs 5 being withdrawn from circulation in India. The reports stated that Assistant General Manager (AGM) of the Reserve Bank of India (RBI) B Mahesh stated that old currency notes of Rs 100, Rs 10 and Rs 5 denominations will eventually be phased out of circulation.
The reports said that RBI plans to withdraw the old banknotes by March-April. The decision was to keep only one new series of the said banknotes in circulation. As a part of demonetisation, RBI issued notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000. After withdrawing Rs 500 and Rs 1,000 from circulation, RBI kept the other older notes in circulation. But the latest reports once again caused panic among Indians.
After several publications carried the news about old Mahatma Gandhi series of banknotes being withdrawn, RBI and PIB issued a clarification to debunk the rumours and media reports.
"With regard to reports in certain sections of media on withdrawal of old series of ₹100, ₹10 & ₹5 banknotes from circulation in near future, it is clarified that such reports are incorrect," RBI said in a tweet.
Similarly, PIB Fact Check also debunked the reports to be assured that the old series of Rs 100, Rs 10 and Rs 5 banknotes won't be withdrawn from circulation.
Based on these facts, International Business Times has arrived at the conclusion that the old series of Rs 100, Rs 10 and Rs 5 will not be withdrawn from circulation.