Currency Notes issued before 2005 which does not carry year of printing while the later printed notes will have the year printed on the reverse side. "After March 31, 2014, it (RBI) will completely withdraw such notes from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement.
The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side.
The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005 (see the image above).
Please Do not to panic with this as this is a notification where people need to cooperate in the withdrawal process, the Reserve Bank of India (RBI) said old notes will continue to be legal and can be exchanged in any bank after April 1.
"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 RBI said.
From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank. Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
As the new currency notes have added security features, they would help in curbing the menace of fake currency. At present, currency notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.