Currency issued before 2005 to be withdrawn

New Delhi: The Reserve Bank of India (RBI) will 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. Banks will provide exchange facility for these notes until further communication," it said in a release.

Asking the public not get panicky, it said they can easily identify the notes issued before 2005 as they do not have the year of printing on the reverse side.

The notes to be withdrawn will continue to be legal tender and all banks will exchange the notes for all including their non-customers. However, 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.

The notes issued before 2005 do not have the year of printing on reverse side