MUMBAI: The Reserve Bank on Wednesday decided to withdraw all
currency notes issued prior to 2005, including Rs 500 and Rs 1,000
denominations, after March 31 in a move apparently aimed at curbing
black money and fake currencies.
"After March 31, 2014, it (RBI) will completely withdraw from
circulation all bank notes issued prior to 2005. From April 1, 2014, the
public will be required to approach banks for exchanging these notes,"
the RBI said in a statement.
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 Reserve Bank of India (RBI) said old notes will continue to be legal
and can be exchanged in any bank after April 1.
"From April 1, 2014, the public will be required to approach banks
for exchanging these notes. Banks will provide exchange facility for
these notes until further communication," the RBI said.
From July 1, 2014, persons seeking exchange of more than 10 pieces of
Rs 500 and Rs 1,000 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 Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.
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