Phasing out of old currency notes

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


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