What
will happen if pre-2005 notes are not exchanged for new ones at banks
after March 31? Will the pre-2005 currency notes cease to be legal
tender?
The
RBI has clarified that the notes issued before 2005 will continue to
be legal tender. This would mean that banks are required to exchange
the notes for their customers as well as for non-customers. From July
1, 2014, however, to exchange more than 10 pieces of Rs 500 and
Rs1,000 notes, non-customers will have to furnish proof of identity
and residence to the bank branch in which she/he wants to exchange
the notes. Banks will provide exchange facility for these notes until
further communication from the RBI.
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What
might be RBI’s thinking in phasing out pre-2005 currency notes by
March 31?
The RBI has not specified the reasons, but the general perception is that it is keen to rationalise all banknotes in circulation. One theory is that the RBI is aiming to unearth black money held in cash and curb fake or counterfeit currency notes.
The RBI has not specified the reasons, but the general perception is that it is keen to rationalise all banknotes in circulation. One theory is that the RBI is aiming to unearth black money held in cash and curb fake or counterfeit currency notes.
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What
is the procedure to exchange old notes?
From April 1, people will have to approach banks to exchange pre-2005 notes.
From April 1, people will have to approach banks to exchange pre-2005 notes.
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How
exactly will the new banknotes help?
The post-2005 notes have added security features like machine-readable security thread that fluoresces in yellow on both sides under ultraviolet light; improved intaglio printing; see-through register which ensures half the numeral of each denomination is printed on the obverse (front) and half on the reverse; water-mark and electrotype watermark that can be viewed better when the banknote is held against light; optically variable ink which makes the colour of the numeral appear green when the banknote is held flat but blue when the banknote is held at an angle; dual-coloured optical fibres, seen under ultra-violet lamp; and, of course, year of printing. These features help banks across the world to stay ahead of counterfeiters.
The post-2005 notes have added security features like machine-readable security thread that fluoresces in yellow on both sides under ultraviolet light; improved intaglio printing; see-through register which ensures half the numeral of each denomination is printed on the obverse (front) and half on the reverse; water-mark and electrotype watermark that can be viewed better when the banknote is held against light; optically variable ink which makes the colour of the numeral appear green when the banknote is held flat but blue when the banknote is held at an angle; dual-coloured optical fibres, seen under ultra-violet lamp; and, of course, year of printing. These features help banks across the world to stay ahead of counterfeiters.
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How
to identify 500 rupees note was issued before 2005?
Generally,
on reverse side of an Indian currency the year of release used to be
printed. But, the 500 note which does not have the year printed need
to be replaced.
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