×
E-PAPER ▾

E-paper

Today's Newspaper

RBI to withdraw pre-2005 currency notes

| | Mumbai/New Delhi

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.

 
 
 

TOP STORIES

Sunday Edition

View All

‚ÄėBring home the bacon,‚Äô Merkel tells voters on eve of poll

24 Sep 2017 | AFP | Berlin

Chancellor Angela Merkel and her rival Martin Schulz rallied voters on the eve of Sunday’s vote, urging Germans to shun the first hard-right party expected to enter parliament in force since the end of World War II. Merkel, the clear frontrunner after 12 years in power with a double-digit lead, also told her conservative base not to get complacent and to cast their ballots, rousing them with a folksy call to...

Read More

STATE EDITIONS

View All

Various events mark Swacchta Bharat Mission programme

25 Sep 2017 | PNS | Indore

To observe the third anniversary of Swacchta Bharat Mission, various events are being held in city. Indore Mayor Malini Laxman Singh Gaud and Indore Municipal Corporation (IMC) Commissioner Manish Singh have instructed to organize events marking the D-day, ie October 2...

Read More

Page generated in 0.3538 seconds.