Mumbai: Get your pre-2005 currency notes, Rs 500 and Rs 1,000 denominations, exchanged before January 1, 2015. This follows the directive by the Reserve Bank of India (RBI) asking banks to help the public get rid of old currency notes.
There is no limit on the number of notes that can be exchanged. At present, currency notes are issued in denominations of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000.
It is easy to identify pre-2005 notes, as the currency notes issued before 2005 do not have the year of printing on the reverse side. In the notes issued after 2005, the year of printing is visible at the bottom of the reverse side.
RBI has decided to withdraw the pre-2005 currency notes from circulation and asked the holders of such currency to exchange them by January 1, 2015. The earlier deadline was June 30. Thereafter, people would have had to produce identity proof to exchange more than 10 notes of Rs 500 and Rs 1,000.
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