RBI to withdraw pre-2005 currency notes
In a move aimed at curbing black money and fake currency circulation within the country, the Reserve Bank of India (RBI) on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31, 2014.
“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.
Pre-empting the general mood post the announcement, the RBI notification asked people not to panic and cooperate in the withdrawal process.
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, the bank said.
It added that old notes will continue to be legal and can be exchanged in any bank after April 1, though 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.
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 the 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.
The central bank had earlier discontinued printing of Rs 5 note, but reintroduced this denomination later to meet demand.
- Don't repeat Prez poll invalid votes error for V-P: PM 26 Jul 2017 | Deepak K Upreti
- SUV carjacked at gunpoint from Ashoka Hotel parking 26 Jul 2017 | Souvik Mitra
- Answer goof-up makes Vande Mataram singing must in TN schools 26 Jul 2017 | Kumar Chellappan
- Nifty scales 10K, but falls to 9,965 26 Jul 2017 | PNS
- Firozabad merchant stages his abduction to fool his lenders 26 Jul 2017 | PNS
- China constant threat, says Army Vice Chief 26 Jul 2017 | PNS
- Prez stresses on equity 26 Jul 2017 | Pioneer News Service
- Statesman Pranabda raised the bar 25 Jul 2017 | Arun Jaitley
- Pvt players roped in for mission ‚Äėhousing for all‚Äô 25 Jul 2017 | Rajesh Kumar
- Firozabad‚Äôs glass merchant kidnapped for Rs 100 cr ransom 25 Jul 2017 | PNS
Sunday EditionView All
23 Jul 2017 | IANS | New Delhi
Only 349 of 4,862 India's large dams have emergency disaster action plans in place, the Comptroller and Auditor General (CAG) of India's performance report on flood control and management schemes of the Water Resources Ministry has revealed. "Out of 4,862 large dams, emergency action plans or disaster management plans of only 349 dams, which is seven per cent, were prepared (March 2016)...
STATE EDITIONSView All
27 Jul 2017 | Staff Reporter | Bhopal
The State Government on Wednesday clarified that shifting and rehabilitation work for displaced persons owing to Sardar Sarovar Project is being carried out with utmost seriousness and sensitivity by the State Government. There are 23614 displaced families of 178 villages of Badwani, Dhar, Alirajpur, and Khargone districts of Madhya Pradesh under the project...