Do you have currency notes which were issued pre-2005? Then you must read this. Less than 10 days are left to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations at banks, as the deadline ends on June 30, reports NDTV.
Why do we need to exchange them? Technically they look fine but the Reserve Bank of India (RBI) has said that it wants to remove pre-2005 notes from the market because they have fewer security features. Post-2005 notes have added security features and help in curbing the menace of fake currency.
Point taken. So, how do we recognize if the notes were issued before 2005? There is a very simple method for that. Pre-2005 notes do not have the year of printing mentioned on their reverse side. In notes issued post-2005, the year of printing is visible at the bottom.
How do we exchange them? We can exchange the pre-2005 notes for their full value at a bank branch near us. The deadline is till 30 June.
And, what will happen if we don’t exchange them? If you ignore this, then don’t complain later about nobody taking your pre-2005 notes as currency. So, hurry!