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.
With the prestige of Samajwadi Party supremo Mulayam Singh Yadav and his son Akhilesh Yadav, who is the Chief Minister of UP, at stake and apprehensions of Bharatiya Janata Party and Bahujan Samaj Party of rigging in the ruling party bastion, the Election Commission has made elaborate security arrangements in all the 12 parliamentary constituencies going to polls in 15 districts of the state on Thursday. Over 1...
I am confident that the people of Vidisha will enhance my victory margin to over four lakh votes this time. I have shouldered my responsibility well.
I am a fakir. I have no money. I will run the campaign on your money. You, the people, decide what you want.
If my party comes to power, organisations such as the RSS and the BJP will be banned. They all spread hatred