NEWS & ADVICE : CREDIT CARDS
Older notes to be withdrawn back: RBI
By Ankit Sharma
Jan 23, 2014
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In order to ensure the similarity in currency notes Reserve bank of India has decided to draw back the notes issued before 2005. The notes issued before 2005 are not having year of printing on them. RBI stated that there is nothing to worry about the notes will still remain legal but they wanted to withdraw them back.

From 1st April customers are requested to visit the bank and get the notes exchanged from there. RBI official stated that earlier the notes were in different colors, to ensure the rationalization the RBI is thinking to take up this measure.

From 1st July non –customers will be required to submit the proof of their identity if they want to exchange more than ten pieces of 500 or 1000 rupees. RBI has not yet given the detailed reason on this.


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