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RBI to Extract Pre-2005 Currency Notes

The Reserve Bank on Wednesday strong-willed to withdraw all currency notes issued earlier to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at cutting black money and fake currencies. "After March 31, 2014, it (RBI) will absolutely withdraw from circulation all bank notes issued previous to 2005. From April 1, 2014, the public will be required to move toward the banks for exchanging these notes," the RBI said in a statement. The public can simply 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 noticeable at the middle of the bottom row in notes issued after 2005. Asking people not to panic and collaborate in the pulling out process, the Reserve Bank of India (RBI) said old notes will keep on to be legal and can be swapped over in any bank after April 1. "From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will give exchange facility for these notes until further communication," the RBI said. From July 1, 2014, persons looking for exchanging of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to provide proof of identity and residence to the bank. Although the RBI did not provide any reason for withdrawal of pre-2005 currency notes, the move is estimated to unearth black money held in cash. As the new currency notes have added security features, they would facilitate in curbing the hazard of fake currency. At present, currency notes in quantities of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.

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