news Sunday, June 21, 2015 - 05:30
    On June 30, all currency notes that were printed before 2005 would become invalid as a deadline announced by the Reserve Bank of India ends. This includes Rs 500 and Rs 1,000 denomination notes.   The RBI has asked people to deposit all pre-2005 notes in their possession and in bank lockers at the nearest bank branch for an exchange. The earlier deadline was January 1, but later the Reserve Bank had extended it till the end of June keeping in mind the large number of notes in circulation.   What does a pre-2005 note look like?   The notes are easily identifiable as they did not have the year of printing on the bottom of the backside pf the note. After 2005, all notes have the year of printing.         Why is this happening?   Reports suggest that the move is mainly aimed at tackling fake and counterfeit currency. The pre-2005 notes have lesser security and are easier to forge than the ones that came after 2005.   According to a report in the Business Line, Over 164 crore currency notes that were printed before 2005 were shredded in regional offices of Reserve Bank in a 13 month period that ended in January this year.   However, there were still more notes in circulation which led to the RBI announcing an extension with a deadline of June 30. The bank added that it would monitor the withdrawal and exchange process so that the public is not inconvenienced in any manner.   What if the deadline is not met?   If you fail to meet the deadline, there is no need to panic. The notes can still be exchanged.   According to a report in Economic Times, any customer who wants to exchange ten or more Rs 500 notes and Rs 1,000 notes after the deadline can do so at the bank where they have an account. At bank where they do not have an account, people will have to furnish proof of identity and residence for exchanging old notes. Notes of smaller denomination will continue to be exchanged at all banks.   Read - Three things you should know about taxes in your restaurant bill    
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