One of my friends said that we need to change the currency notes that were printed before 2005 since they will not be valid in the near future according to him. Is this true? If yes, then please let me know how to identify pre-2005 currency notes? Thanks.
Your friend is right. According to the recent announcement of RBI, all the notes printed before the year 2005 do not have ‘the year of printing’ marked on it. Whereas all currency notes printed after 2005 have it clearly engraved in the middle of the bottom row, on the backside of the note. If your bank note has no year of printing on the back, it means the note is printed before 2005. It needs to be exchanged with the bank as per the RBI deadline. All exchanges done before 30th June would be unconditional.
You need to submit your identity and address proof to the bank, for any exchange of more than ten pieces of old Rs 500 or Rs 1000 notes after 30th June.
A few years ago, the Reserve Bank of India (RBI) announced its plans to withdraw all currency notes issued before 2005. Financial experts believe that the move was largely aimed at removing fake or counterfeit currency in the financial system as well as help uncover black market currency in the country.
Identifying pre-2005 currency notes: Currently the Reserve Bank of India prints currency notes in the denomination of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 200, Rs. 500 and Rs. 2,000. All the notes printed before the year 2005 do not have the year of printing marked on them. All currency notes printed post 2005 have the year of printing clearly printed in the middle, on the bottom row, on the back of the note. If your bank note has no year of printing on the back, it means the note was printed before 2005 and needs to be exchanged with the bank as per the RBI guidelines. All notes with the year of printing indicated on the currency note will stay in circulation as they have been introduced post 2005.
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