Tuesday, February 4, 2014

All Indian currency notes issued before 2005 will be completely withdrawn from circulation by 31st March 2014.





If your currency notes don’t have a year printed on them, you should get them changed as the Reserve Bank of India (RBI) has announced its plans to withdraw all currency noted issued before 2005.


How to identify Pre 2005 currency notes


The notes printed after 2005 has the year of printing clearly printed in the middle of the bottom row on the backside.



All the notes printed before the year 2005 do not have the year of printing marked on it.

If your bank note has no year of printing on the back, it means the note is printed before 2005 and needs to be exchanged with the bank as per the RBI deadline.







Which currency notes are acceptable



All currency notes printed post 2005 have the year of printing clearly printed in the middle of the bottom row on the backside of the note.

How to Exchange Old Currency Notes

If you have identified your currency notes is printed before 2005, first thing don't panic as per the RBI, all old notes would continue to be completely legal and can be exchanged at any bank after April 1, 2014.


Which currency notes denominations will be withdrawn

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. The Withdrawal rule is applicable for all currency notes.


 
How it works
1. Till 31st march 2014, all currency notes are  acceptable

2. After 31st March 2014, you will be required to approach banks for the exchange of these notes as will completely withdraw from circulation all bank notes issued prior to 2005.

3. These exchange counters will become operation from 1st April 2014. If you have a large amount of old currency notes with you, you may want to exchange them, before 30th June 2014.


4. From July 1, 2014, All exchanges done before 30th June would be unconditional as to exchange more than 10 pieces of Rs.500 and Rs.1,000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.


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