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RBI to withdraw all pre-2005 currency notes
by nevada Wed Jan 22, 2014 4:29 pm
Hurry up and do your black money deals before March 31st!
The Reserve Bank today decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.
"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement.
The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.
Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI) said old notes will continue to be legal and can be exchanged in any bank after April 1.
"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication," the RBI said.
From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
As the new currency notes have added security features, they would help in curbing the menace of fake currency.
At present, currency notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued
Source:
http://www.deccanherald.com/content/382088/rbi-withdraw-all-pre-2005.html
The Reserve Bank today decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.
"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement.
The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.
Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI) said old notes will continue to be legal and can be exchanged in any bank after April 1.
"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication," the RBI said.
From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
As the new currency notes have added security features, they would help in curbing the menace of fake currency.
At present, currency notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued
Source:
http://www.deccanherald.com/content/382088/rbi-withdraw-all-pre-2005.html
nevada- Posts : 1831
Join date : 2011-04-29
Re: RBI to withdraw all pre-2005 currency notes
by harharmahadev Wed Jan 22, 2014 4:58 pm
Holy shit!! This is big news.
Black market operators must be crapping in their pants.
I'd position my investments in anticipation of the flow of black money. I would expect India real estate, gold, swiss franc, and USD to rise. The 'trickle down' wealth effect should cause sensex to rise.
Prepare for a sharp upward move in sensex, gold and real estate.
Black market operators must be crapping in their pants.
I'd position my investments in anticipation of the flow of black money. I would expect India real estate, gold, swiss franc, and USD to rise. The 'trickle down' wealth effect should cause sensex to rise.
Prepare for a sharp upward move in sensex, gold and real estate.
harharmahadev- Posts : 1155
Join date : 2011-04-29
Age : 51 -
Re: RBI to withdraw all pre-2005 currency notes
by nevada Wed Jan 22, 2014 5:18 pm
A few months ago my uncle had sold a plot of land and he had lakhs of rupees sitting in his home. This was the "black" portion of the payment made by the buyer. After some time, he bought an apartment for his daughter using this cash as "black" portion of the total payment. I wonder how this "black" thing will work in the future.
nevada- Posts : 1831
Join date : 2011-04-29
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