The Reserve Bank of India’s move to withdraw currency notes issued before 2005 is going to be a major exercise for the banking sector. It will kill two birds with one stone: rationalization of currency notes with better security features and flushing out of unaccounted money stored in bank and personal lockers. People across the country will have to exchange 36,984 million pieces of notes issued before 2005, which is valued at Rs 3,61,229 crore .
Showing posts with label Pre-2005 Currency Notes. Show all posts
Showing posts with label Pre-2005 Currency Notes. Show all posts
Friday, February 21, 2014
All About Pre-2005 Notes Rollback by RBI
The Reserve Bank of India’s move to withdraw currency notes issued before 2005 is going to be a major exercise for the banking sector. It will kill two birds with one stone: rationalization of currency notes with better security features and flushing out of unaccounted money stored in bank and personal lockers. People across the country will have to exchange 36,984 million pieces of notes issued before 2005, which is valued at Rs 3,61,229 crore .
Saturday, February 1, 2014
RBI to withdraw currency notes issued before 2005
The Reserve Bank of India has advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes.
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