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Pre 2005 Banknotes to be withdrawn wef 31.03.2014

Do not panic and don't run to the bank reading this article as Reserve Bank of India has today advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005.

Do not panic as these will still remain the legal tenders but wef 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. This would mean that 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 `500 and `1000 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.

How to Identify the Bank Notes which are before year 2005?

The Reserve Bank further stated that public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side.

Verdict

Do not panic as notes still remain a legal tender and for security reasons these notes are being withdrawn in a phase vise manner to ensure that more secured notes are in circulation and fake notes can be weeded out of the system. This is a good step being undertaken by the Reserve Bank of India and will make our economy stronger.

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