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 A majority of the old banknotes have been withdrawn and therefore it has decided to withdraw the remaining old design notes from circulation.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 The notes are only being withdrawn from circulation and this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation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.
CBI is supposed to be the last resort to catch the corrupt after all other options have not yielded the desired result. But, who will now tackle corruption now that two of the former top officials of the premier investigating agency are themselves facing charges. India is s
Post demonetisation, what are the challenges faced by banks? Post demonetisation, the major challenges are retention of CASA [current account, savings account] deposits, deployment of these funds, impact of spurt/decline in low-cost deposits on MCLR [marginal cost of fund
9.44 The irresistible force of even as powerful an idea as UBI will run into the immovable object of a resistant, pesky reality. So, what is the way forward, always remembering that the yardstick for assessment is not whether UBI can be perfect or faultless but only whether it can impr
Should action be taken against hospitals which have hiked the heart surgery cost?
The state-of-the-art corporate office of oil and natural gas corporation (ONGC), Pandit Deen Dayal Uphadhayay Urja Bhawan, in New Delhi has won leadership in energy and environmental design (LEED) India ‘platinum’ award by US green building council (USGBC), the highest recognition f