Skip to main content

RBI Kills Pre-2005 Currency Notes to Suck Black Money Out of Circulation

The Reserve Bank of India will withdraw from circulation all banknotes issued prior to 2005, it announced on Wednesday. The central bank will withdraw these notes after March 31. It has asked
the public not to panic and said it has done this in the past more than once.
In a press release on its website, the Reserve Bank said, from April 1, 2014, the public will be required to approach banks for exchanging these notes.
Banks for their part will provide exchange facility for these notes until further communication.
The central bank further said that it was easy to identify notes prior to 2005 as these do not have the year of printing on the reverse.
Notes issued before 2005 will continue to be legal tender. The central bank said this would mean that banks are required to exchange the notes for their customers as well as non-customers. There is a stipulation for the exchange process. From July 01, 2014, those who wish to exchange more than 10 pieces of Rs 500 and Rs 1,000 will have to give their proof of identity and residence to the bank branch in case they are non-customers.Sources said the move is aimed at curbing black money in circulation. The RBI has requested the public to actively co-operate in the withdrawal process. The press release on its website said, “The Reserve Bank has appealed to the public not to panic.”


Popular posts from this blog

SC asks Centre to strike a balance on Rohingya issue (.hindu)

Supreme Court orally indicates that the government should not deport Rohingya “now” as the Centre prevails over it to not record any such views in its formal order, citing “international ramifications”.

The Supreme Court on Friday came close to ordering the government not to deport the Rohingya.

It finally settled on merely observing that a balance should be struck between humanitarian concern for the community and the country's national security and economic interests.

The court was hearing a bunch of petitions, one filed by persons within the Rohingya community, against a proposed move to deport over 40,000 Rohingya refugees. A three-judge Bench, led by Chief Justice of India Dipak Misra, began by orally indicating that the government should not deport Rohingya “now”, but the government prevailed on the court to not pass any formal order, citing “international ramifications”. With this, the status quo continues even though the court gave the community liberty to approach it in …

Khar’s experimentation with Himalayan nettle brings recognition (downtoearth)

Nature never fails to surprise us. In many parts of the world, natural resources are the only source of livelihood opportunities available to people. They can be in the form of wild shrubs like Daphne papyracea and Daphne bholua (paper plant) that are used to make paper or Gossypium spp (cotton) that forms the backbone of the textile industry.

Nothing can compete with the dynamism of biological resources. Recently, Girardinia diversifolia (Himalayan nettle), a fibre-yielding plant, has become an important livelihood option for people living in the remote mountainous villages of the Hindu Kush Himalaya.

There is a community in Khar, a hamlet in Darchula district in far-western Nepal, which produces fabrics from Himalayan nettle. The fabric and the things made from it are sold in local as well as national and international markets as high-end products.

A Himalayan nettle value chain development initiative implemented by the Kailash Sacred Landscape Conservation and Development Initiati…

The Chipko movement as it stands today

The idea behind the Chipko movement originated in early 1970s from Mandal, a village in Chamoli district of Uttarakhand. Forty-three years later, Down To Earth travelled to Chamoli and Tehri Garhwal and spoke to the participants of this movement about its relevance today