Do you have currency notes printed before the year 2005 ? Then it is time to head for an exchange of these notes, as the RBI is planning to withdraw all the currency notes printed before 2005 from circulation.
How to identify the notes ?
It is very easy to identify if you have to get your notes exchanged. After the year 2005, all the notes have the year of printing embedded on the rear side of the note. Notes prior to 2005, do not have this year printed on them. Such notes have to be exchanged. These notes are of the denominations Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.
Exchange your notes at banks after April 1, 2014
From April 1 of 2014, these notes have to be exchanged only in the banks. The RBI has indicated that all the banks are required to exchange the notes printed prior to 2005, for their customers as well as for non-customers.
Provide ID & Address proof after July 2014
After July 1, 2014, you will have to provide your Address proof and Identity proof to the bank if you are seeking to exchange more than 10 notes of Rs. 500 and Rs. 1000.
Method to curb Fake currency & Black money
RBI has resorted to this method to check in the circulation of the fake currency inside the country. Also it is measure to counter black money that is stacked as currency notes with people.
It was reported that the RBI had encountered nearly five lakh fake currency notes till March of 2012.
People not to panic
The RBI has made it clear that the public need not panic but co-operate with the RBI measure. They have also clarified that the notes issued before 2005 will continue to be legal tender.