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 

 Indian coin that we see in present time has evolve a lot with it own timeline which can be broadly divided in these category 

  1) The Frozen Series 1947-1950 

  2)The Anna Series

            3)The Decimal Series
            4) Naya Paisa Series 1957-1964  
            5)Aluminium Series 1964 on wards

The Frozen Series 1947-1950 
 This represented the currency arrangements during the transition period upto the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.

1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies
The Anna Series
This series was introduced on 15^th August, 1950 and represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.

Denomination	Metal	Obverse	Reverse
Rupee One	Nickel
Half Rupee	Nickel
Quarter Rupee	Nickel
Two Anna	Cupro-Nickel
One Anna	Cupro-Nickel
Half Anna	Cupro-Nickel
One Pice	Bronze