Currency Notes pre-2005 will become invalid: RBI

The Reserve Bank of India (RBI) on Wednesday announced it will withdraw all pre-2005 currency notes from the economic system, which begins from March 31, 2014. This means the currency notes printed before 2005 will go invalid soon. All the currency notes including Rs 500 and Rs 1000 should be exchanged with Banks from April 1st this year. It is the latest move of RBI to curb Black Money and Fake Currency in circulation.

How to identify a Currency Note is pre or post 2005?: All notes printed after 2005 have the year printed in the middle of the bottom row. Pre-2005 notes do not have this feature.

From August, A person 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.