- State Editions
- A YEAR OF FEATS
- Cover Story
- 150th Anniversary Issue
- Middle India
- Literary Issue Special
- Cinema Issue Special
- Women's Special Issue
- Foreign Policy Special Issue
- for a cause
- Photo feature
- national interest
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.
MORE Today's Newspaper NEWS
- EPS weathers stormy trust vote 19 Feb 2017 | Kumar Chellappan
- Sasikala watched her man win glued to TV set in prison 19 Feb 2017 | KESTUR VASUKI
- Indians eat better as consumption of meat, eggs goes up 19 Feb 2017 | Rajesh Kumar
- Tests to ensure Delhiites stay healthy free of cost 19 Feb 2017 | Staff Reporter
- Kerala actress molested, filmed inside car, 1 held 19 Feb 2017 | VR Jayaraj
- SP fights SP in Yadav land 18 Feb 2017 | Biswajeet Banerjee
- File FIR against UP Min Prajapati for gangrape: SC 18 Feb 2017 | PNS
- UP doesn’t need ‘adopted’ son, retorts Priyanka 18 Feb 2017 | PNS
- Army’s anti-terror SOP to break civilian shield 18 Feb 2017 | Rahul Datta
- ED freezes Rs 519 cr Noida ponzi money 18 Feb 2017 | PNS
19 Feb 2017 | Kumar Chellappan
What will happen to the State politics after the weakening of the AIADMK? There is a positive consolidation of the DMK under the leadership of Stalin, which should be taken into consideration. One can only wait and watch, writes Kumar Chellappan It may not be out of place to write a requiem for a political entity called the AIADMK, which has been admitted to the critical care unit and connected...
19 Feb 2017 | SANJEEV KUMAR PATRO | Bhubaneswar
Is it eureka moment for the BJP in Odisha? With the dice being cast in over 63 per cent of the Zilla Parishad seats is out now, the party with over 190 seats is having its moment in the sun eclipsing the BJD’s moonlight era of long. The BJP had never seen the golden success in the State’s poll history as the party had bagged a mere 129 seats in...
It is Sasikala's family which has taken over the reins of Government. We have received Amma’s blessing to oust the regime.
If an actor is not doing commercial films, it doesn’t mean that he or she has no work to do at all. I have been busy.
Wall Street Journal story is dead wrong and impugns the integrity of professional intelligence officers by peddling gossip.