The Reserve Bank of India has announced that it will soon put an end to Rs 100 denomination notes currently floating in the market (that comes with large identification features).
Well, don’t panic! It won’t cease to be legal tender money. Instead, the apex bank is planning to issue new Rs 100 denomination note in the Mahatma Gandhi series without inset letter. The news confirmed that the notes with the year 2016 printed will be akin to Rs 100 notes in the Mahatma Gandhi Series-2005.
Will the present Rs 100 notes continue to be a legal tender?
Yes, the present Rs 100 notes will remain in the force and will continue to be legal tender money. This move, as part of the demonetization exercise launched by PM Narendra Modi, has been taken to curb the menace of black money and to eliminate tax evaders in the present existing eco-system. This will also make it difficult to duplicate the currency due to enhanced security features in the new note.
Features of new Rs 100 note
The note will have an ascending size of numbers on the number panel, enlarged identification mark, bleed lines.
Actual size and dimension will remain unchanged to ensure that the notes are compatible to the automatic teller machine(ATM). As the new notes come to, the present Rs 100 notes will be gradually withdrawn from the market without disturbing the financial system.
When the new notes will be printed?
The notes will start getting printed from April, 2018 and should be available in market just immediately after that.
Featured Image Credits – Flickr