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RBI Extends Deadline of Exchanging Currency Notes Printed Before 2005
Posted on: 04/Mar/2014 2:29:39 PM
The Reserve Bank of India extended the deadline of exchanging grubby currency printed before 2005 to January 1, 2015, from July this year.
These notes will be accepted by any banks without strings till January. Earlier, the RBI had said exchange of 10 such notes or more beyond July would need identity proof. The pullout of these notes is to reduce instances of counterfeiting and not a measure to bring out unaccounted or black money before the upcoming general elections.
The central bank since 2005 has introduced notes with more security features. The year of printing will be mentioned at the bottom of the reverse side of the currency notes; which gets printed after 2005.
While exchanging the currency notes, in case of the customer of the particular bank, then people will not have to provide any proofs; else they need to show identification and residence proof to exchange more than 10 notes of Rs.500.
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