All pre-2005 notes to go out of currency from March 31

[SajeevJino]

All pre-2005 notes to go out of currency from March 31​

The Reserve Bank of India (RBI) on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs. 500 and Rs. 1,000 denominations, starting March 31. The step was aimed at curbing black money and fake currencies in the country.

"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," an advisory issued by the central bank on Wednesday said.

The size of India's black economy is estimated to be about a third of its GDP. If hidden income of $500 billion (about 30 lakh crore) were to be disclosed and taxed at 33%, it would generate Rs. 10 lakh crore, enough to fund the food programme in the country for a few years.


The RBI asked the public to exchange currency notes that do not display year of printing on the reverse side. ""¦public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side." The year of printing in a small font is visible at the middle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 central bank said old notes would continue to be legal and could be exchanged at any bank after April 1.

""¦banks are required to exchange the notes for their customers as well as for non-customers. From July 01, 2014, however, to exchange more than 10 pieces of Rs. 500 and Rs. 1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which they want to exchange the notes," the advisory read.

Although the RBI did not give any reason for the withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash. As the new currency notes have additional security features, they would help in curbing the menace of fake currency.

All pre-2005 notes to go out of currency from March 31 - Hindustan Times

 

[SajeevJino]

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From now we can find Bank notes printed before 2005 Near the Road sides

Black Money

 

[Compersion]

good move might also have to do with fake notes in circulation. this whole approach might also make people that usually use cash in black to move to commodities like gold and silver along with moving the cash to overseas. i feel the people that use black money will always try to be one step ahead. pity there is too much money in india yet the development can be much faster.

 

[ladder]

ISI trying to push fake currency printed before 2005 into Indian border

JAISALMER: After the Reserve Bank of India issued guidelines to return currency notes printed prior to 2005 by March 2014, Pak smugglers have started making efforts to pass fake currency notes printed prior to 2005 into the Indian border.

Pak secret agency ISI has kept consignments of fake Indian currency notes printed prior to 2005 at Rajasthan, Punjab and Rajasthan border along with Bangladesh and Nepal border and is trying to push them into Indian border.

The agents at the Indian border have become active and looking to this, SSB and BSF deployed at Pakistan, Bangladesh and Nepal border have been put on high alert. In a meeting of all intelligence and security agencies of Lead Intelligent Agency (LIA) in Jodhpur, the issue of fake currency was raised strongly and directions were given to be alert. That meeting was held under the chairmanship of IG PC Meena.

According to defense and secret official sources, to curb black money and fake notes, RBI had issued circular to all banks to take back currency notes printed before 2005, by March 2014. Following the order, Pak secret agency ISI that had printed huge quantity of fake currency at Pakistan's Hyderabad and Karachi press prior to 2005, but could not send it to India, is trying to the consignment into India with the help of Pak smugglers.

Sources said that these Pak smugglers have contacted their Indian counterparts to push fake notes into India from Jaislamer, Barmer and Ganganagar in Rajasthan along with Nepal and Bangladesh borders. Apart from this, reccee is also being done to send fake notes from Rann of Kutch in Gujarat, which is a border area without fencing.

Sources said that central government has confirmed news about fake notes being pushed across the border after which BSF and SSB have been put on high alert.

"Passengers are being sent through Thar Express with fake currency by enticing them with huge commission. Many smugglers are also being offered huge commission to push the consignment into India," sources said.

On the other hand, anti-social elements are also trying to circulate their fake currency notes printed prior to 2005.

A wholesale businessman Braj Vallabh said that in the last 3-4 days, daily one or two fake notes are coming of RS 100 and Rs 500 denomination and they have been printed so cleverly that it is very difficult to differentiate between the original and fake notes.

Meanwhile, there are possibilities that fake currency could be used in Lok Sabha elections and all agencies have been asked to be alert for the same.

In last few days, there have been many incidents of fake currency notes of Rs 1000 and Rs 500 denomination. Pak secret agency ISI has kept consignments of fake Indian currency notes printed prior to 2005 at Rajasthan, Punjab and Rajasthan border along with Bangladesh and Nepal border and are trying to push them into Indian border.

For this, agents sitting at the Indian border have become active and looking to this, SSB and BSF has been put on high alert deployed at Pakistan, Bangladesh and Nepal border. In meeting of all intelligence and security agencies of LIA in Jodhpur, that point of fake currency has been raised strongly and direction of being alert has been given in meeting. That meeting has been organized in BSF headquarters in the chairmanship of IG PC Meena.

According to defense and secret official sources, to curb black money and fake notes and to end them, RBI issuing circular to all banks has ordered to take back currency notes printed before 2005, by March 2014. After this order, especially anti social elements and Pak secret agency ISI have printed huge quantity of fake currency at Pakistan's Hyderabad and Karachi press prior to 2005, but could not send to India and now the new RBI guideline, ISI is trying to push fake currency into India for which ISI has given task to Pak smugglers and have asked them to send fake currency notes to Indian border.

Sources said that these Pak smugglers have contacted their colleagues sitting in India and it was being told that ISI is trying its best to push fake notes into India from jaislamer, Barmer and Ganganagar in Rajasthan along with from Nepal and Bangladesh borders. Apart from this, even reccee is being done to send fake notes from Rann of Kutch in Gujarat, which is border without fencing.

Sources said that central government has confirmed news about fake notes being pushed across the border and looking to it, BSF and SSB have been asked to be on high alert.

Sources said that there was information that passengers are being sent through Thar Express as money exchange giving them greed of huge commission alogn with many smugglers are also being offered huge commission to send the consignment of fake currency.

On the other hand, anti social elements and other suspicious elements in India have started taking out currency notes printed prior to 2005 and there has been rise in incidents of fake currency notes. A wholesale businessman Braj Vallabh said that in last 3-4 days, daily one or two fake notes are coming these notes are in denomination of RS 100 and Rs 500 and they have been printed so cleverly that it is very difficult to differentiate between the original and fake currency notes.

A official of nationalized bank has agreed that in banking transaction, fake notes are coming and as these notes are being deposited by reputed businessmen who do not have any dealing with fake notes and in such situation, the bank does not complain against them in the police. BSF senior official sources confirming about the possibility of fake currency note consignments printed prior to 2005 from pak border said that ISI is making all efforts to push the consignment into India and has contacted a few old smugglers. BSF is fully alert and iskeeping strict vigil at the border and activities of suspicious smugglers residing in border areas are being monitored.

In meeting of LIA two days ago, that point of fake currency has been discussed and raised. It is expected that the fake currency could be used in Loksabha Election and all agencies has been asked to be alert for that.

ISI trying to push fake currency printed before 2005 into Indian border - The Times of India