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.”
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