Pushing Pre-2005 Currency Notes – RBI Announcement
Posted on: 03/Mar/2014 4:34:56 PM
From 1 April, people will start rushing to queue up in bank branches to swap any pre-2005 emanated currency notes that they hold.
The announcement of Reserve Bank of India (RBI) on 22 January, states that “phase out the old notes, as the older notes lacked the enhanced security features that notes issued from 2005 have”.
Each pre-2005 note has to be exchanged for a new one. Already, RBI seems to have tranquilly worked with banks to suck out a lot of pre-2005 notes.
People might be in anxiety about this process; here are few answers for imaginative queries:
- If the year of printing is not mentioned at the bottom of the reverse side of the currency notes, you need to get it exchanged in any banks.
- After 31 March, pre-2005 notes will be refused for transactions by merchants or for any other purposes. But these currencies will retain their monetary value and you can exchange in bank at any time.
- While exchanging the currency notes, if you are a customer of the bank, you will not have to provide any proofs; else you need to show identification and residence proof to exchange more than 10 notes of Rs.500.
- People can exchange currency notes in as many branches as they can on the same day.
