Hurry!! 6 Days Left For Exchange of Pre-2005 Currency Notes
The deadline for exchanging your pre-2005 currency notes is near, as only 6 days are left from now. The Reserve Bank of India has asked the public to exchange all the old design notes, including Rs 500 and Rs 1,000 denominations at their nearest bank branch or deposit it into their bank accounts.
The earlier deadline was decided to be January 1, but later on the RBI extended the date till the end of this month, i.e. June 30.
All the pre-2005 notes can be exchanged for their full value and continue to remain a legal tender.
How to Identify Pre-2005 Notes?
It is a very easy task to identify any or all of the pre-2005 notes, as:
∎ The Indian currency notes issued before the year 2005 do not exhibit the year of printing on their reverse side.
∎ The year of printing (on currency notes issued post 2005), is clearly visible on the reverse side at the bottom
According to RBI, the major rationale behind this decision to withdraw all the currency notes printed prior to 2005 is to eliminate their usage in the market, as they have just fewer security features as compared to those notes printed after 2005.
However, it is an international standard practice to remove or withdraw old series notes from the market.
The notes printed after 2005 have ample amount of security features and they help in suppressing the peril of fake currency.
Nearly 164 crore pre-2005 banknotes for various denominations were pulverized in regional offices of RBI in 13-month period ending January.
According to reports, the face value of those shredded currency notes was approximately Rs 21,750 crore. Further, 86.87 crore pieces of Rs 100, 21.75 crore pieces of Rs 1,000 and 56.19 crore pieces of Rs 500 were shredded as per the details mentioned in Parliament in the month of March.