Mangaluru: With a view to checking widespread influence of black money on the nation’s economy, the Reserve Bank of India has been withdrawing old notes from circulation and replacing them with fresh ones with the year of release inscribed at the bottom of the reverse side of each of them.
The extended deadline of June 30, 2015 – the previous one was January 1 – is fast approaching. Notes, including the denominations of Rs 1,000 and Rs 500, printed before the cut-off year of 2005, will cease to be legal tender and be of no value from July 1, 2015.
The pre-2005 notes had fewer, while those printed 2005 onwards incorporate more security features, which step is aimed at curbing the menace of counterfeit notes as well.
Now it is time to verify each of the currency notes held in chests and safes in homes and offices. Those put into circulation before 2005 bear no dates. They should be immediately exchanged in the banks for new notes.
The RBI notification has given the public the options of using the old currency notes for credits into their bank accounts or exchanging them for new issues, but positively by or before June 30.
Scramble at the banks is most likely towards the end of the month. Doing it right now could be a wise decision.