Currencies issued before 2005 to be withdrawn by Reserve Bank Of India
Posted on: 23/Jan/2014 11:12:16 AM
The RBI on Wednesday said it will withdraw all currency notes including Rs. 500 and Rs. 1,000 denominations, starting March 31.issued before 2005 from April 1, 2014.
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.
Banks are required to exchange the notes for their customers as well as for non-customers. From July 01, 2014, however, to exchange more than 10 pieces of Rs. 500 and Rs. 1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which they want to exchange the notes,” the advisory read.
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 additional security features, they would help in curbing the menace of fake currency.
