Pre-2005 currency notes to be invalid after 10 days

0Shares

NEW DELHI: Only 10 days are left to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations, at banks as the deadline to do so, is ending on June 30.

Seeking cooperation for withdrawing pre-2005 currency notes from circulation, the RBI has asked the public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.

The earlier deadline was January 1, but later the Reserve Bank had extended it till the end of this month.

It is easy to identify pre-2005 notes. The currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued post 2005, the year of printing is visible at the bottom on the reverse.

The rationale behind the move to withdraw banknotes printed prior to 2005 is to remove them from the market because they have fewer security features compared with banknotes printed after 2005, RBI said.

It is standard international practice to withdraw old series notes.

Post-2005 notes have added security features and help in curbing the menace of fake currency.

Over 164 crore pre-2005 currency notes of various denominations, including of Rs 1,000 were shredded in regional offices of Reserve Bank in 13-month period ending January.

The face value of the shredded currency notes was around Rs 21,750 crore (Rs 217.5 billion). As per the details given in Parliament in March, 86.87 crore (Rs 867 million) pieces of Rs 100, 56.19 crore (Rs 100.56 billion) pieces of Rs 500 and 21.75 crore pieces of Rs 1,000 were shredded.

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Observer News Service

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS