MUMBAI: The Reserve Bank on Wednesday
decided to withdraw all currency notes issued prior to 2005, including Rs 500
and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing
black money and fake currencies.
"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.
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.
Asking people not to panic and cooperate in
the withdrawal process, the Reserve Bank of India (RBI) said old notes will
continue to be legal and can be exchanged in any bank after April 1.
"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," the RBI
said.
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
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.
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