Pre-2005 currency notes to be withdrawn: What you should do
Good, soiled or torn. All currency notes issued before 2005 will be withdrawn from circulation after March 31, 2014. No need to panic, you won't be losing any money.- It is said that the old currency notes lack security features and the new notes will enable banks identify the genuine ones.
- According to reports, 14.1 bn soiled currency notes were removed from circulation in 2012-13 against 358 mn the previous year.
- The exchange is a routine practice by the RBI, but this time it has been attributed to curbing black money transactions.
- Image for representational purpose only
- How to go about it: From April 1, 2014, to June 30, 2014, both customers and non-customers can approach bank with those notes.
- The currency notes issued after 2005 have the year printed on the note and most probably, given their age will be soiled to some extent.
- This would mean that banks are required to exchange the notes for their customers as well as for non-customers. So, how do you identify the notes?
- The Reserve Bank of India
- All that you need to is after April 1,2014, go to a bank and exchange these notes.
Good, soiled or torn. All currency notes issued before 2005 will be withdrawn from circulation after March 31, 2014. No need to panic, you won't be losing any money.
Pre-2005 currency notes to be withdrawn: What you should do
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