For the benefit of a large number of
Indians, Reserve Bank of India (RBI) has decided to completely withdraw from
circulation all bank notes issued prior to 2005.
However RBI has clarified that the notes
issued before 2005 will continue to be legal tender. Accordingly all banks have
been instructed by Reserve Bank of India to facilitate the exchange of old
notes (issued prior to 2005) whenever requested by both customer and non
-customers.
Previously
the deadline for exchanging of these notes was January 01 2015, after which
banks would exchange the notes only for their customers and non-customers had
to furnish proof of identity and residence. But subsequently this deadline has
been extended to June 30, 2015.
In order to implement withdrawal norms, RBI
has issued guidelines on exchange of pre-2005 bank notes.
Q: -What is the requirement from Bank branches
in implementing RBI guidelines on withdrawal
from circulation all banknotes issued prior to 2005?
Ans:
Bank Branches to continue to accept all
older series bank notes (issued prior to 2005) deposited by the customers into
the accounts and for non customers as when they turn up at the branch for
exchanging of these notes.
Q:
How to identify pre-2005 notes?
Ans: Identification of pre-2005 notes: On these
bank notes, the year of issue is not printed on the back-side and these bank
notes are not meant to be re- issued to general public
Bank note on which the year of printing is
not indicated and not to be reissued to general public
Bank branches to continue to perform the existing
validation on geniuness of banknotes (through UV/Fake note detector
verification). .
The respective bank branches sort the currency
notes into issuable and non-issuable bank notes. All notes issued prior to 2005
to be treated and bundled as part of non issuable.
In course of time, the pre-2005 bank
notes will be part of collector’s treasure.
Another Simple tip to identify
pre-2005 Bank Notes:
All the Indian currency bank notes printed
before the year 2005 do not have the year of printing marked on it.
All the Indian bank currency notes printed
post 2005 have is year of printing clearly printed in the middle of the bottom
row on the backside of the note.
So check all your Indian bank currency
notes bank now.
If it has no year of printing on the back,
it means the note is printed before 2005 and needs to be exchanged with the
bank as per the RBI deadline.
