- In search of cooperation for withdrawing pre-2005 currency notes from circulation, the RBI has requested the general public to deposit in their bank accounts or exchange for their full value at the bank branch which is convenient to them.
- As the notes issued pre-2005 have fewer security features compared with the bank notes after 2005 which help in curbing the menace of fake currency, is the rationale behind the withdraw
- Only 10 days left to exchange and it is easy to identify the pre-2005 notes: they do not have the year of printing on the reverse side compared with past-2005 shows at the bottom on reverse side.
The face value of the shredded currency notes was around Rs 21,750 crore. As per the details given in Parliament in March, 86.87 crore pieces of Rs 100, 56.19 crore pieces of Rs 500 and 21.75 crore pieces of Rs 1,000 were shredded.
It is just pure harassment. In the news it was mentioned that one go to any nearest bank branch and get such notes exchanged. When I want to my branch the staff person segregated some good old notes and some older notes. He took the less older and asked me to go to the RBI to get the others exchanged. One can understand if a shopkeeper were to do this. But a bank branch? And why should the RBI (or who ever it was that published that news) mention that one can go to any nearest branch and do it? It was just pure agony and time wastage.
Posted by Admin.