If you have read about the Reserve bank of India’s (RBIs) intention of take back the old Indian currency notes, and than your worries are well founded. The move to remove the currency notes older than 2005 is aimed to take out the counterfeit notes and black money from the system. Looking at the level of corruption in Indian system, such a move is highly welcome.
People are worried, if the notes older than 2005, will be dead paper after 01.04.14. As of now, there is no need to worry.
As per RBI guidelines, the older notes will be very much valid. However, all banks have been instructed to replace old notes as they come to them and replace them with new notes. The banks will also open money exchange counters, and anyone can come and get the notes exchanged unconditionally. However if you go for the same after 30.06.14, then anyone bringing more that 10 nos Rs 500 or Rs 1000 notes will be asked the identity and address proof.
In order to prove that a currency note is older than 01.01.05, reverse the note and look at the center of the note lower part. If the year is not printed or it is 2004 or older, then this note needs replacement. If the number here is year 2005 or later, then there no cause to worry.
The businessmen, shop owners, are being advised not to worry and not to reject such older notes. The banks will accept them unconditionally. Only thing that will happen is, the banks will not put back these notes again in circulation and will replace them with newer notes.
The people with stacks of notes in their sofas or pillows…………. What to do ??????