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[Rumor] Five Rupee Notes Out Of Circulation

5-rupees-note Yesterday evening, I went to buy some chocolates from a nearby general store. While waiting for my turn to pay the bill, I heard the shopkeeper telling a guy:

Nai hona baap.Ye 5 rupaye ka note nakko do”

Meaning- don’t give me this five-rupee note, it is not in use.

When I asked him about this, he told me that people no longer accept these notes as the government has taken the five rupee notes out of circulation and only five rupee coins are in use now.

This has become a common problem in some of the cities in Andhra Pradesh, and especially in Hyderabad. Most of the traders are refusing to accept five-rupee notes, saying that these notes are no longer in circulation.

However, neither the RBI, nor the finance ministry has issued any instruction against the circulation of five rupee notes. In fact, RBI, which stopped the printing of five-rupee notes earlier, started it again in 2009. So, saying that these notes have been banned, is not true.

Next time when someone refuses to accept the five-rupee note from you, try to make them understand that the note is still in circulation. Someone told me that refusing to accept a currency note (when given legally, and not as a bribe!!) is a punishable offence by the Indian Government, but I’m not sure about this.

Do you face this problem in your city? How do you tackle it?

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