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India Withdrawing Notes

13.04.2014
The Reserve Bank of India (RBI) has said that after March 31, 2014 all the notes issued before 2005 will be withdrawn from circulation. After April 1, 2014 the public will be able to exchange obsolete notes at any bank of the country. Banks will be exchanging the notes until further RBI notice. The RBI emphasizes that the withdrawn notes can be easily identified by absent note printing years, unlike notes of later issues. As the RBI also explained, the pre-2005 notes will remain legal tender. However, after July 1, 2014 during exchange of over 10 notes worth Rs 500 or 1,000 the client will have to present their ID and residence permit. 
 Source: Reserve Bank of India
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