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

Home away from home

27 Jul 2014 | Pioneer

SOS Homes for Tibetan children has around 1,000 kids who are either orphans or their parents are in Tibet, says Ritu Pandey It’s a short walk from the Mall Road to Lal Bahadur Shastri Academy. But in contrast to the incessant chatter that surrounds me on Mussoorie’s most prominent landmark, silence rings aloud on the Academy Road...

Read More

STATE EDITIONS

Husband among 2 held in Jyoti murder case

01 Aug 2014 | Pioneer

The police on Wednesday claimed to have solved the sensational Jyoti murder case with the arrest of two persons, including the victim’s The second accused, Awadhesh, is the driver of Piyush’s paramour. He, with the help of an accomplice Sonu, had killed Jyoti in the presence of her husband in their Honda Accord car on Rawatpur-HBTI road in Swarup Nagar police area late on Sunday night...

Read More

SOUND BITES

It (CSAT) is not a Hindi or a non-Hindi issue, but of regional languages also. We will have to keep the balance in mind.

Union Minister —Venkaiah Naidu

The risk of attack by Russia on a Nato member state is significant. We are not convinced that Nato is ready for this threat.

British lawmaker —Rory Stewart

No one likes to see the suffering and loss of life that has occurred. We hold Hamas responsible for this. It has initiated and continues this ongoing conflict.

Canada's Prime Minister —Stephen Harper
Site Designed and Developed by: Infomedia Web Solutions Page generated in 1.3603 seconds.