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India Front Line Report
SEAnews Issue:monthly
2014-01-31 ArtNo.44797
◆RBI to withdraw all pre-2005 currency notes
【Mumbai】The Reserve Bank of India (RBI) has decided to withdraw from circulation all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations. The RBI's move will have the effect of flushing out black money and fake currencies, according to bankers.
 "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. Banks will provide exchange facility for these notes until further communication," the RBI said on Wednesday, clarifying that notes issued before 2005 would continue to be legal tender.
 "The public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side," the RBI said.
 If non-customers want to exchange more than 10 pieces of Rs 500 or Rs 1,000 notes at a bank after June 30, they have to furnish their proof of identity and residence.
○RBI directs banks to follow NEFT guidelines strictly(ET)
【MUMBAI】The Reserve Bank of India (RBI) today directed banks to strictly follow guidelines on NEFT (National Electronic Fund Transfer), an online inter and intra bank fund transfer.
 "It is reiterated that the instructions issued by the Reserve Bank should be adhered to by direct as well as sub-member banks in the NEFT, in both letter and spirit," RBI said in a notification.
【News source】

RBI moves to curb black money

RBI to withdraw all pre-2005 currency notes

Want to exchange soiled notes? Don't forget your identity proof

RBI directs banks to follow NEFT guidelines strictly

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