1. Less than a week left to exchange your pre-2005 currency notes

Less than a week left to exchange your pre-2005 currency notes

The earlier deadline was January 1, but later the Reserve Bank of India had extended it till June 30.

By: | New Delhi | Updated: June 24, 2015 2:03 PM
Currency notes, 500 note

Less than a week is left to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations, at banks as the deadline to do so is ending on June 30. (Reuters)

Less than a week is left to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations, at banks as the deadline to do so is ending on June 30.

Seeking cooperation for withdrawing pre-2005 currency notes from circulation, the Reserve Bank of India (RBI) has asked the public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.

The earlier deadline was January 1, but later the Reserve Bank had extended it till the end of this month.

All pre-2005 notes continue to remain a legal tender.

These notes can be exchanged for their full value at bank branches.

It is easy to identify pre-2005 notes. The currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued post 2005, the year of printing is visible at the bottom on the reverse.

The rationale behind the move to withdraw banknotes printed prior to 2005 is to remove them from the market because they have fewer security features compared with banknotes printed after 2005, RBI said.

It is standard international practice to withdraw old series notes.

Post-2005 notes have added security features and help in curbing the menace of fake currency.

Over 164 crore pre-2005 currency notes of various denominations, including of Rs 1,000 were shredded in regional offices of Reserve Bank in 13-month period ending January.

The face value of the shredded currency notes was around Rs 21,750 crore. As per the details given in Parliament in March, 86.87 crore pieces of Rs 100, 56.19 crore pieces of Rs 500 and 21.75 crore pieces of Rs 1,000 were shredded.

  1. Sai Kiran Gvln
    Jun 22, 2015 at 12:27 pm
    good one
    Reply
    1. Hemen Parekh
      Nov 14, 2015 at 1:06 pm
      NETWORK OF CURRENCY NOTES ? ( A Mobile App called " BLACK-MAIL " ) While inaugurating the International Conference on " Networking the Networks " on Nov 2 , our FM Shri Jaitleyji said : " Tax evasion and money laundering will become extremely difficult in the next 1-2 years, with the global automatic exchange of information system coming into effect on a real time basis " To speed up this process and make it truly automatic / real time , I suggest resorting to the following technologies : # Internet of Things ( IoT ) As each currency note of Rs 500 / 1000 , is getting printed , embed it with microscopic RFID chips Besides communicating with each other , these chips will also transmit their existence location , through internet , to cloud-based servers of Income Tax Department This will form a " NETWORK OF CURRENCY NOTES ( NoC ) " You may like to call this Internet of Currency ( IoC ) , a sub-set of IoT ! # Internet Protocol Address System ( IP V 6.0 ) Each Rs 500 / 1000 currency note must be igned ( at the time of printing ) , its own unique Internet Address , using IP V 6.0 This IP address should be linked with the unique Serial Number printed on each note. Since IP V 6.0 , will be capable of igning " 2 * 10 to the power of 128 ", no of IP addresses , there is no danger of running out of addresses , even if we decide to extend this idea to Rs 100 currency notes ! Here are the most important BYE - PRODUCTs : * No more possibility of fake / forged / counterfeit , currency notes ! * Plastic currency notes will last 10 times longer ! This reform will enable the Central Government / Income Tax Department , to : * Continuously trace the movement of each of these higher denomination currency notes * Instantly locate any place ( using Google Map based GPS ) , where there is an aculation of more than Rs 1 Crore worth of currency notes Such aculation will be made to appear as a TAG CLOUD on the web site of IT Dept, like thousands of balloons floating on a map of India , capable of being drilled down to within 1 Sq Meter ! On each balloon , will appear a number announcing , " Amount of Cash here - Rs " ! This will vastly simplify the task of Anti Corruption Dept / Enforcement Dept etc But then such transparency might lead to break-down of social order / chaos It may be a better / safer / saner solution for such balloons / tag clouds to appear , on a secret Mobile App , available only to the officers of Enforcement Department ( ED ) You may want to call this app , " BLACK-MAIL " ! Of course , my suggestions may become outdated with the arrival of mobile wallets based CASHLESS SOCIETY , by 2030 In the meantime , should Shri Arun Jaitleyji and Shri Ravi Shankar Prasadji , want this implemented , it can be done in 6 months , at one tenth the cost of MoM ( Mars Orbital Mission ) , ie approx Rs 43 Crores All they have to do , is to tell the bureaucracy : " Since we need not depend upon Opposition parties to p a bill in Rajya Sabha , please go ahead and implement this - in less than 6 months " -------------------------------------------------------------------------------------------------- hemen parekh 06 Nov 2015 B2BmessageBlaster
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