This note has the year of
printing clearly printed in the middle of the bottom row on the backside
The
Reserve Bank of India (RBI) has announced its plans to withdraw all currency
noted issued before 2005. Financial experts believe that the move is largely
aimed at removing fake or counterfeit currency embedded into the financial
system as well help uncover the big black market currency in the country. While
the motives of RBI are unquestionably good, there has been some quantum of
confusion amongst the general public as to whether the notes they have would
need replacement or not. Read on to find out if the currency notes in your
pocket or ones stashed in your locker needs to be changed.
Identifying Pre 2005 Currency Notes:
Currently the Reserve Bank of India prints currency notes in the denomination
of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000. All the notes
printed before the year 2005 do not have the year of printing marked on it. All
currency notes printed post 2005 have is year of printing clearly printed in
the middle of the bottom row on the backside of the note. 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. All notes with the
year of printing indicated on the currency note would stay in operation as all
of them are posted after 2005.
This
note has the year of printing clearly printed in the middle of the bottom row
on the backside.
Possible Reasons for Withdrawal:
The possible reasons for the withdrawal of old currency is more to do with
streamlining the number of currency variants than anything else. Of course the
government is worried about the inflow of fake currency and hopes to tackle it
by using all notes printed post 2015 which are far more technically superior
and difficult to print for fake currency mongers.
How to Exchange Old Currency Notes:
So now that you have identified your currency notes and shortlisted the ones
that need to be changed, a simple exchange procedure is revealed by the press
release of the Reserve Bank of India. First things first, there should be no
reason to panic whatsoever as the RBI has clearly stated that all old notes
would continue to be completely legal and can be exchanged at any bank after
April 1, 2014.
All
public sector as well as private banks have been asked to create a dedicated
exchange counter where both account owners as well as non account owners of
that bank or branch can exchange their old currency notes for new ones. 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. So why is this date important? All exchanges done before 30th
June would be unconditional. For any exchange of more than ten pieces of old Rs
500 or Rs 1000 notes after that date would require identity proof and address
to be shared with the bank if you are a non customer of that bank.
In
Indian so far there has been no official declaration regarding the lifespan of
a currency note.
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