FAQs on currency notes pre-2005

From April 1, you may check the notes year while receiving from others. It is because RBI notification to stop in circulation the notes pre-issued year 2005.

Moreover you will see the people in queue for exchanging notes pre-2005.

RBI issued a notification on January 22 that pre-2005 notes lacked the enhanced security features and will be stopped in circulation after 31 March 2014.

This step will hit hard on the black money holders keeping the notes in the safe case as they need to exchange it with the bank or circulate it in the market before April 1.

There are lots of question arise in the mind with this step as how one can exchange the notes and what about their value. Here are some frequently asked questions about pre-2005 notes.

1- How to know year of printing of notes?

Pre-2005 notes have year of printing at the reverse bottom of the notes whereas pre-2005 notes haven’t mentioned the year of printing.

2-    Value of the currency after 31 March if someone holds?

 The value of the notes will be intact and will held legal tender but some merchants or shops can refuse taking pre-2005 notes after 1 April 2014. You will get the same currency amount from banks while exchanging pre-2005 notes.

3-    Can banks refuse taking pre-2005 notes?

No banks have to necessarily give you new notes against pre-2005 notes. But you must be an account holder with the bank for currency exchanged.

4-    Do I need to provide money detail address proof etc. for exchanging notes?

No need to provide any documents till June 30. Afterwards, In the case of having bank customer, you needn’t to provide any documents. In the case of not having bank customer, for exchanging more than 10 notes of 500 or 1000, you need to produce proof of identity and address proof to the bank.

5- Any cap for exchanging notes?

There is no cap for exchanging notes. You can exchange as many as you want with a bank.

6- Will there be a rush at the deadline?

RBI has taken major steps for smooth exercising in exchanging notes. Banks also stop circulating pre-2005 notes much time ago. So there will not be any issue or rush regarding this.
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