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Reserve Bank of India will withdraw all pre-2005 notes

The Statesman/Asia News Network-- The Reserve Bank of India today decided to withdraw all currency notes issued prior to 2005, including 500 and 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

“After 31 March 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From 1 April 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 the year 2005.

Asking people not to panic and cooperate in the withdrawal process, the RBI said old notes will continue to be legal and can be exchanged in any bank after 1 April.

“From 1 April 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.

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