Rs 5,000 currency notes in India! Here’s what RBI says
Amidst the speculation on social media about the introduction of Rs 5,000 in India, the Reserve Bank of India has clarified about it.
Speculation is rife in social media about the introduction of Rs 5,000 currency notes by the Reserve Bank of India. Whatsapp forwards, telegram messages and tweets on X saying the introduction of Rs 5,000 currency has taken the Internet by storm.
Earlier on November 8, 2016, the Central Government in a surprising move, removed Rs 500 and Rs 1,000 as the legal tender citing its misuse in money laundering and illicit activities. In its place, a new Rs 500 and for the very first time Rs 2,000 currency notes were introduced. It is to be noted that the Reserve Bank of India is responsible to maintain the currency flow in the country.
It is to be noted that previously Rs 1,000, Rs 5,000 and Rs 10,000 were in circulation in India from the year 1954 but it was demonetized in 1978.
Addressing the rumours, the Reserve Bank of India has denied the introduction of Rs 5,000 currency notes as of now. The current currency system is sufficient to meet the country’s economic needs and there is no need to introduce any currency of higher-denomination.
The RBI is responsible to maintain the liquidity and money flow in the country.
