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RBI to withdraw banknotes issued before 2005 to curb black money

22 January, 2014

The Reserve Bank of India will withdraw from circulation banknotes issued before 2005 in a move seen to curb black money. In a statement on Wednesday, it said that such notes will be withdrawn after March 31, 2014 and post that public will be required to approach banks for exchanging these notes.

The central bank said such notes are easy to identify as they do not have the year of printing marked on the reverse side.

It clarified that such notes will continue to be legal tender which means banks are required to exchange the notes for their customers as well as for non-customers. From July 1, 2014, however, to exchange more than 10 pieces of Rs 500 and Rs 1,000 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.

(Edited by Joby Puthuparampil Johnson)


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3 Comments
Kedar . 4 years ago

How much printed money is of period prior to 2005?

virendra . 4 years ago

This is a futile exercise and will not help in curbing black money or forged

currency. In any case the banks are not equipped with the tech of detecting

forged currency.

Tokeer Ahmed . 4 years ago

One can clearly anticipate people mobbing in front of banks to get their hard earned money exchanged. It Does not appear to a be feasible idea as there are millions of people who do not have access to banks or it’s services.

RBI to withdraw banknotes issued before 2005 to curb black money

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