In a move to dispel rumours of another demonetisation announcement by PM Modi, the Union Government on Wednesday cleared the air by declining such rumours.
“There is no intention to demonetise Rs 100 and Rs 50 notes”, the government said. Through a series of tweets, it busted the myth that cost of demonetisation is more than the benefits.
“Baseless; no intention of cancelling legal tender status of notes of any other denomination,” PIB said in a tweet.
“There is no intention to seal bank lockers and freeze gold and diamond jewellery. The government also commented on complaints of poor quality of the newly introduced Rs 2000 notes. There is no need to worry as this is a security feature,” it said.
“Currency notes have a security feature called intaglio printing. The first test for a genuine currency note is to rub it with a cloth; this creates a turbo-electric effect, transferring the ink colour onto the cloth,” it added.