Saturday, February 1, 2014

RBI declare 2005 currency note as Expiry from 1 April 2014

RBI has announced that from 1 April 2014 all currency note that was issued before 2005 will be discontinued.All banks will withdraw these notes after March 31 ,2014. It has asked the public not to panic and said it has done this in the past more than once.

In press release RBI has asked public to exchange these note from banks,To identify your note whether it was issued prior to 2005 ,just reverse the note and locate on botton of note there it will have year which shows year of printing.Refer screen shot

From July 1 ,2014 those who wish to exchange more than 10 piece of Rs 500 and Rs 1000 will have to give their proof of identity and residence to the bank in case they are non-customers.

These step taken by RBI will sure help in curbing black money in economy.In press release by RBI on their website The RBI has asked people not to PANIC