The Reserve Bank of India has today advised that after March 31, 2014,
it will completely withdraw from circulation all banknotes issued prior
to 2005. From 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. 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stated that public can easily identify the notes to be withdrawn as the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. (Please see illustration below)
The Reserve Bank has also clarified that the notes issued before 2005
will continue to be legal tender. 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.
The Reserve Bank has appealed to the public not to panic. They are requested to actively co-operate in the withdrawal process.
Ajit Prasad
Assistant General Manager
Press Release : 2013-2014/1472
Source: www.rbi.org.in
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