Banknotes issued prior to 2005 to be withdrawn: RBI Advisory

January 22, 2014
The Reserve Bank of India has today advised that after March 31, 2014, it will
completely withdraw from circulation all banknotes issued prior to 2005. From April 1,
2014, the public will be required to approach banks for exchanging these notes.
Banks will provide exchange facility for these notes until further communication. The
Reserve Bank further stated that public can easily identify the notes to be withdrawn
as the notes issued before 2005 do not have on them the year of printing on the
reverse side. (Please see illustration below)
The Reserve Bank has also clarified that the notes issued before 2005 will
continue to be legal tender. This would mean that banks are required to exchange
the notes for their customers as well as for non-customers. From July 01, 2014,
however, to exchange more than 10 pieces of `500 and `1000 notes, non-customers
will have to furnish proof of identity and residence to the bank branch in which she/he
wants to exchange the notes.
The Reserve Bank has appealed to the public not to panic. They are
requested to actively co-operate in the withdrawal process.