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  • 22Feb 2014

    RESERVE BANK OF INDIA (RBI) HAS ANNOUNCED THE DECISION TO WITHDRAWFROM CIRCULATION ALL CURRENCY NOTES PRINTED PRIOR TO 2005NEW DELHI, FEB 22, 2014: THE Reserve Bank of India (RBI) has announced thedecision to withdraw from circulation all currency notes printed prior to 2005.It is a standard international practice to withdraw old series of banknotesfrom time to time. The reason for withdrawal of banknotes printed prior to 2005is to remove them from the market as they have fewer security features comparedto banknotes printed after 2005. It is expected that this will preventcounterfeiting of banknotes. The RBI has already been withdrawing these notes fromthe market in a routine manner through banks. In RBI’s view, the volume of thebanknotes printed prior to 2005 today, still in circulation, is not significantenough to impact general public in a large way.

    The schedule of withdrawal announced by RBI is as under:

    i) All older series of banknotes issued prior to 2005 would beacceptable for all kinds of monetary transactions only till March 31, 2014.

    ii) Thereafter the public will be required to approach bank brancheswhich would provide them exchange facilities on a ongoing basis.

    iii) From July 1, 2014 onwards, members of public can exchange anynumber of these old series notes from the bank branches where they have theiraccount. However, non-customers would have to furnish proof of their identityand residence to the Bank to exchange more than 10 pieces of Rs 500.00 and Rs1000.00 notes.

    iv) These notes will continue to be legal tender and, therefore,no end date has been specified for the exercise.

    This information was given by the Minister of State for Finance,Mr Namo Narain Meen, in written reply to a question in Lok Sabha yesterday.

     

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