Banknotes of pre-2005 have less security features and no year of issue
GN Bureau | June 26, 2015
The last date for exchanging pre-2005 banknotes of all denominations has been extended till December 31, 2015.
The Reserve Bank of India has urged the public deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The RBI has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender. The apex bank had in December 2014 set the last date as June 30, 2015.
Explaining the rationale behind the notification, the RBI said that the banknotes in the Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn and therefore it has decided to withdraw the remaining old design notes from circulation. They also have fewer security features compared with banknotes printed after 2005, RBI said.
Not having currency notes in multiple series in circulation at the same time is a standard international practice, the RBI pointed out.
The move is also aimed at curbing black money and fake currencies. Post-2005 notes have added security features and help in curbing the menace of fake currency.
How can one distinguish the pre-2005 series banknotes?
It is easy to identify pre-2005 notes. The currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued post 2005, the year of printing is visible at the bottom on the reverse.
What are the pre-2005 series banknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000. These notes contain some additional or new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes.
Do the pre-2005 series banknotes cease to be legal tender?
The notes issued before 2005 shall continue to be legal tender. The notes are only being withdrawn from circulation and this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time.
Prime minister Narendra Modi underlined the need for a consensus among the nation to realise the dream of a beautiful shared future, as he addressed the plenary session of the World Economic Forum (WEF) in Davos on Tuesday. After introductory remarks by the Forum`s founder and executive chai
REC Transmission Projects Company Ltd (RECTPCL), a subsidiary of Rural Electrification Corporation Ltd (REC), has handed over project specific special purpose vehicle (SPV) namely ERSS XXI Transmission Ltd to Power Grid Corporation of India Ltd (PGCIL). Competing alongside with the private p
Bharat Earth Movers Limited (BEML), a ministry of defence PSU, has launched a 5.4 ton wheel loader BL30-1 at Excon Exhibition 2017 in Bangalore. The high performance and rugged wheel loader is designed and developed by BEML. BL30-1 Frontend Wheel Loader is designed for maximum
The supreme court should be subjected to constant scrutiny so that it improves, Justice Jasti Chelameswar said at a book release function on Monday. This was his first public appearance in Delhi after a January 12 press conference at which he and three fellow judges had spoken up about their differences wi
Much before Communist Party of India (Marxist) general secretary Sitaram Yechury got marginalised within the party’s central committee last week over the possibility of an alliance with the Congress, is learnt to have had an interesting conversation with Arun Jaitley, his fellow student-politician ba
Pandit Chhannulal Mishra is a noted exponent of Banaras and Kairana gharanas. Born in Hariharpur of Azamgarh district, he learnt musical notes from various gurus and thus his music is an amalgamation of various forms and gharanas. His classical folk music has been mesmerising music lovers across the wo