You are here : Home » Today's Newspaper

Today's Newspaper

RBI to withdraw pre-2005 currency notes

Thursday, 23 January 2014 | PNS | Mumbai/New Delhi
0

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.

 
 
 
Sunday Edition

Om Puri: Realer than reel

15 Jan 2017 | Rajesh Singh

The acting he learnt was science; the acting he did was art. No school, no teacher could have made him emote the way he did on screen...

Read More

STATE EDITIONS

Will contest against Akhilesh if he doesn’t listen says Mulayam

17 Jan 2017 | PNS | Lucknow

Samajwadi party patriarch Mulayam Singh Yadav has said that he will contest against rebelling son and chief minister Akhilesh Yadav in the state assembly polls slated to begin next month. “ Unka kya hoga, hamara kya hogo ab chunav ayog hi faisla karega(What will happen to them, and what will be our fate will now be decided by the EC),” he said...

Read More

SOUNDBITE

I will live for Muslims and die for them. If it comes to Muslims' interest, I will also fight against him (Akhilesh Yadav).

SP supremo | Mulayam Singh Yadav

In a relationship when people are attracted to each other, things do happen. But it does not mean it's rape.

Leading lawyer | Kapil Sibal

I think she (German Chancellor) made one very catastrophic mistake, and that was taking in illegals, wherever they come from.

US President-elect | Donald Trump
Page generated in 0.546 seconds.