Phasing out of old currency notesPosted: February 10, 2014
How do I know if the rupee note I have is pre-2005?
These notes can be very easily identified. Check the back (reverse) side of the currency note. All the post-2005 notes have the year of issue printed in the middle of the bottom row. The pre-2005 notes do not have this feature.
Which denomination of notes will be affected?
The phasing out is not restricted to any particular denomination of notes. The pre-2005 notes of all denominations will be phased out by the central bank after 31 March. So all notes, from Rs 5 to Rs 1,000 will be taken out of circulation.
What should I do if I have such notes?
Where and by when can I exchange these notes?
What happens if I am not able to meet the deadline?
Can a shopkeeper or bank refuse to take a pre-2005 note?
What if the notes I take for exchanging at the bank turn out to be fakes?
Click Here to read the full article in Economic Times
Click Here to read the RBI Circular