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Withdrawal of pre-2005 notes is to prevent counterfeiting: Rajan

"This is technical action to withdraw notes which have fewer security features than new notes," RBI governor said

January 29, 2014 9:25 IST | India Infoline News Service
Reserve Bank of India Governor Raghuram Rajan on Tuesday said the withdrawal of pre-2005 notes is not intended to check black money but to prevent counterfeiting.
"It is not intended to get at black money, tax evasion etc. This is technical action to withdraw notes which have fewer security features than new notes," Rajan said in a media briefing after announcement of third quarter monetary policy review.
Last week, the RBI decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.
According to RBI, all older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014. Thereafter, the public will be required to approach bank branches which would provide them exchange facilities on an ongoing basis.
These notes will continue to be legal tender. From July 01, 2014, to exchange more than 10 pieces of Rs. 500 and Rs. 1,000 notes, bank branches should obtain from non-customers, proof of their identity and residence, the RBI said in a notification on Tuesday.


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