Anyone can easily distinguish rupee notes issued before 2005 as they do not have the year of printing on reverse side, which is visible for notes printed after 2005 in a small font at the middle of the bottom row in notes
The Reserve Bank of India (RBI) has decided to withdraw all currency notes issued prior to 2005, including Rs500 and Rs1,000 denominations, from 31st March. This move is apparently aimed at curbing black money and fake currencies.
In an advisory, the RBI said, "After 31 March 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From 1 April 2014, the public will be required to approach banks for exchanging these notes".
The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.
Asking people not to panic and cooperate in the withdrawal process, the RBI said old notes will continue to be legal and can be exchanged in any bank after 1st April.
"From 1 April 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication," it said.
From 1 July 2014, persons seeking exchange of more than 10 pieces of Rs500 and Rs1,000 notes will have to furnish proof of identity and residence to the bank.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
As the new currency notes have added security features, they would help in curbing the menace of fake currency.
At present, currency notes in denominations of Rs5, Rs10, Rs20, Rs50, Rs100, Rs500 and Rs1,000 are issued.
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