Existing Rs 100 currency notes will continue to be legal tender and will be withdrawn gradually, the report said, adding that they will retain their size and dimensions to ensure compatibility with ATMs.
The Reserve Bank of India (RBI) is planning to start printing fresh Rs 100 currency notes around April 2018, according to a report by Mint.
Printing of the redesigned notes will begin after printing presses finish printing the new Rs 200 currency note by the end of the current financial year, Mint quoted two RBI sources as saying. The existing Rs 100 notes will continue to be legal tender and will be withdrawn gradually.
Moneycontrol could not independently confirm the development.
The Rs 100 note, which is one of the most common denominations in the country, will reportedly retain its size and dimensions to ensure compatibility with automatic-teller machines (ATMs).
In December 2016, RBI officials had announced that all currency notes will be redesigned gradually. Since then, the central bank has issued redesigned Rs 50 and Rs 500 notes and introduced Rs 200 and Rs 2,000 notes.In November 2016, India had banned the old Rs 500 and Rs 1,000 denomination currency notes in an attempt to flush out undeclared wealth. The two denominations together accounted for 86 percent of the currency in circulation at that time.