New Delhi: Will banknotes from the Mahatma Gandhi series issued prior to 2005 be withdrawn from circulation? Speculation to this effect arose following a media report. That report cited a circular from the Bank of Maharashtra, claiming the bank had instructed that ₹10, ₹20, ₹50, and ₹100 notes would not be accepted after June 30. The report caused a stir, raising questions about whether preparations for another demonetization were quietly underway. The bank has now clarified that there is no such move. Bank of Maharashtra issued a clarification on its Facebook page, dismissing the viral news as fake.
The bank stated, “An incorrect message is being circulated claiming that Bank of Maharashtra branches will not accept ₹10, ₹20, ₹50, and ₹100 notes printed before 2005 after June 30. Bank of Maharashtra clarifies that this news is completely false and misleading. We appeal to customers not to believe or share such messages. We urge everyone to rely only on official notifications; authentic information can only be obtained from official sources.”
What did the report claim regarding Bank of Maharashtra?
The media report alleged that Bank of Maharashtra had issued such an order and suggested that other banks might follow suit. The bank’s clarification is likely to put an end to such speculation. It is worth noting that the Reserve Bank has not issued any order that would create confusion on this matter.
What was the Reserve Bank’s order that clarified the situation?
In an order issued back in 2016, the central bank had stated that the circulation of pre-2005 Mahatma Gandhi series banknotes had significantly declined. The bank has also provided a facility for anyone wishing to exchange these notes. However, it has clarified that they will continue to remain in circulation just as before. It is worth noting that the security features of new notes issued by the Reserve Bank are being continuously strengthened to combat the menace of counterfeit currency. That said, the bank has not mentioned discontinuing the old notes or withdrawing them from circulation. Thus, the viral message circulating is completely false. The Bank of Maharashtra has also clarified this.
