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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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4 Responses to [Rumor] Five Rupee Notes Out Of Circulation

  1. Anushree Ringne June 8, 2012 at 1:04 am #

    there is a certain message circulating on facebook about how to detect hidden cameras in trial rooms… it would be great if u could tell people it was true or not

    • Anshul June 8, 2012 at 5:54 pm #

      Sure Anushree, will do that.

  2. Vikas September 26, 2012 at 1:13 pm #

    Yes ,I am facing this issue everyday in Hyderabad. Tried to send mail to RBI but no proper address is available. I am trying to reach out to Press for releasing a news on this issue. I hope people will soon understand this .

  3. srinath December 24, 2013 at 8:42 pm #

    I am very surprised at Prerana hospital medical shop,balajinagar,kukatpally.shopkeeper refused to accept the 5 rupee note..i argued with him,he simply said give me back all the medicine and purchase at some other shop.this is rediculas,actually this is a serious problem but no govt authority look into it.

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