Banks are expecting a gust of customers after the RBI’s recent decision to withdraw all the currency notes prior to 2005. Lately RBI announced that to end up the problem fake currencies across the country, everyone is required to exchange the notes printed before 2005 at the banks. The banks are preparing themselves to deal with the rush that they might face in the coming days due to this reason. It has been reported that the notes printed after 2005 are more secure. The main purpose of the RBI’s measure is to limit the growing problem of black money and duplicate currency all over the country.
The customers can exchange any number of notes at the branch where they are having account. From July onwards, for exchanging more than 10 notes of Rs 500 and Rs 1000 customers will be required to provide their identity proof. According to RBI data till March, 2013 there were 7,351 crore such notes which were in use.