Currency notes issued before 2005 to be withdrawn post March 31: RBI
Reserve Bank of India puts 2005 as expiry date on currency notes to curb fake money.
All pre-2005 notes go out of currency from March 31.
Check your cash, pre-2005 notes will not work after July.
RBI to withdraw all currency notes issued before 2005.
Currency notes issued prior to 2005 to be withdraw: RBI
Banknotes issued prior to 2005 to be withdrawn: RBI Advisory
The Reserve Bank of India has today (Date : 22 Jan 2014) advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. 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 The Reserve Bank further stated that public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side. (Please see illustration below)
The Reserve Bank has also clarified that the notes issued before 2005 will continue to be legal tender. This would mean that banks are required to exchange the notes for their customers as well as for non-customers. From July 01, 2014, however, to exchange more than 10 pieces of `500 and `1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.
The Reserve Bank has appealed to the public not to panic. They are requested to actively co-operate in the withdrawal process.
Assistant General Manager
Press Release : 2013-2014/1472Tags : RBI circular regarding fake notes | www RBI guide lines regarding exchange of notes |