New Delhi: The Reserve Bank of India had warned that they would withdraw all banknotes that had been issued before 2005 from circulation. RBI had issued this statement on Wednesday.
RBI stated, “The public can easily identify the notes in question as the notes issued before 2005 do not have the year of printing on the reverse side. The notes issued before 2005 will continue to be legal tender… banks will be required to exchange the notes.”
Reserve Bank of India (RBI) said that old notes will continue to be legal and can be exchanged in any bank after April 1 and asking people not to panic and cooperate in the withdrawal process.
RBI said, “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.”
From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.
Notify that the move is expected to unearth black money held in cash however RBI did not give any reason for withdrawal of pre-2005 currency notes.
Bureau Report
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