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The Reserve Bank of India
(RBI) has announced its plans to withdraw all currency notes issued prior to
2005. Financial experts opine fake or counterfeit currency inserted into the
financial system will be mitigated. Black money & counterfeit currency in
and beyond borders would diminish.This move by RBI is authentically good, but
general public is confused over whether these notes would be replaced or not. It would be better
not accept such notes from others
and if you possess such notes approach the nearest bank and exchange them.
Identifying Pre 2005
Currency Notes: The RBI mints currency notes in the denominations of Rs. 5, Rs.
10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000. All the notes printed
earlier to the year 2005 don’t have the year of printing marked on it. All
currency notes printed after 2005 have the year of printing, printed in the
centre of the bottom row on the back side of the note. If the note has no year of
printing on the back means it was printed before 2005 and needs to be exchanged
with the bank as per the RBI‘s re- extended deadline of January 1st 2015. All notes with the year of printing indicated on
the currency note would continue to operate and needs no exchange.
Reasons for Withdrawal: The possible reasons for the withdrawal of
old currency is a tactical move to bring out un-accounted black money lying on
personal lockers into circulation, Post-2005 notes have additional
security features and technically superior in curbing the menace of fake
currency, another reason being in compliance with the standard international practice of not having
multiple series of notes in circulation at the same time.
How to Exchange Old
Currency Notes: So identify your currency notes and shortlist the ones that need
to be changed, a simple exchange procedure is stated by the press release of
the Reserve Bank of India. First of all, there should be no reason to panic
clearly stated that all old notes would continue to be completely legal and can
be exchanged at any bank till stipulated time.
All public sector and
private banks have been directed to create a dedicated exchange counter where
both account and non account owners of that bank or branch can exchange their
old currency notes and get new ones. These exchange counters will facilitate
such and 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.
