A new series of currency notes in ₹100 and ₹200 denominations announced by the Reserve Bank of India (RBI) has baffled citizens about what the announcements mean for the old notes still in circulation. The new notes expected to be incorporated with new security features, durability, and in consonance with modern banking and cash-handling systems.
Reason For RBI To Introduce New Notes
RBI has been upgrading the currency from time to time to introduce high-level security features into the currency notes to prevent counterfeiting and to help easy transactions. Such symbols could be some of those upgrades with improved security:
- Micro-lettering and color-shifting features
- Enhanced tactile marks primarily for visually impaired users
- Use of durable materials to improve long life of the notes
- Stringent anti-counterfeiting measures
This is one more effort on the part of the RBI made so far toward modernization of the currency and making it a fairly trustworthy medium.
What Will Happen To Old ₹100 And ₹200 Notes?
There are people who are concerned whether old ₹100 and ₹200 notes will be invalidated. Still, early reports indicate:
- Old ₹100 and ₹200 notes will still be treated as legal currency with which transactions could be made
- The RBI would allow these old notes to fade slowly out of circulation through withdrawal from banks over a period.
- Citizens need not hurry to change the old currency.
- The new ₹100 and ₹200 notes will be dispensed by banks and ATMs until the older notes are paid out as they wear out.
How Will This Affect You?
For the public, there will be some ease because paper and coin are still in use. One should continue using these denominations until after the withdrawal of old ₹100 and ₹200 notes by the RBI, which might take many years. Should the RBI decide to demonetize any version of note, there will be exchange procedure rules set in writing, just like in the past.
Conclusion
The RBI introduces new ₹100 and ₹200 notes in the country towards enhancing the security and durability of India’s currency system. The old notes will still be accepted newly while phasing them slowly toward advanced security and counterfeiting prevention. Stay tuned for more RBI press releases regarding the policy on and deadline for old note exchanges.
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