The Apex Bank of India (RBI) on Monday 3rd Mar 2014 announced that they are extending further nine (9) months from existing deadline of Apr 2014 for exchanging bank notes issued prior to 2005 which don't have year printed on the reverse side of the currency note.
Showing posts with label RBI. Show all posts
Showing posts with label RBI. Show all posts
Thursday, April 24, 2014
Monday, January 27, 2014
RBI withdraws currency issued prior 2005
India withdraws old currency notes issued before 2005
The Reserve Bank of India (Central Bank) advised all banks on Wednesday 22nd Jan 2014 that Currency notes which was issued before 2005 will be completely withdrawn from circulation after 31st March, 2014.
This move by the country's central bank is seen as an attempt to control the circulation of "Black Money" that has not been declared for tax as income.
A Notification from RBI says that “From 1st April, 2014, the public (Customers & Non- Customers) are required to approach banks for exchanging these notes which was printed before 2005".
