RBI decides to withdraw all currency notes issued prior to 2005
January 22, 2014 - New Delhi
The Reserve Bank of India has decided to withdraw all currency notes issued prior to 2005 from circulation from March 31, 2014 in a move to curb black money.
RBI said on Wednesday that 'From April 1, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication, it said. It said that the public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side.
It said that from July1, those wanting to exchange more than 10 pieces of Rs.500 and Rs.1,000 notes across the bank have to to provide proof of residence and identity.