How to identify pre-2005 notes as fake or real?

January 25, 2014 | 0

The Reserve Bank of India (RBI) has announced that it will begin withdrawing all currency notes printed before 2005 from April 1, 2014.  This is actually not an instant move, as it appear.  For the last few years, whenever  a pre-2005 currency note reached the bank, it would be sent to the RBI for being demonetized.  Here are some questions  that people have about pre2005 currency notes.

How to identify  pre 2005 notes?

All notes printed since 2005 bear the year of printing in the center  of the bottom strip on the back of the note(the side that doesn’t have the Gandhiji’s photo).

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The pre 2005 note does not have the year mentioned.

The pre 2005 note does not have the year mentioned.

Will the notes after 2005 become void post April 1, 2014?

No. The notes will still continue to be legal tender and will be suitable for all financial transactions till RBI or the government chooses otherwise and makes a public announcement.

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Why should we change the pre-2005 notes?

There is no hurry, but as accountable citizens it’s your responsibility to change the pre-2005 notes. The step is done to get rid of fake notes from the system, and also to put a lid on the flow of black money. Moreover, some day the RBI may declassify these notes as legal tender.

So are pre-2005 money fake notes?

Since 2005, the government has printed notes with more powerful security features. The flow of the old notes with lesser safety features was being a barrier to the flow of new notes with increased security. Most fake notes that were actually pumped into the market in were copies of pre-2005 notes.

Do I have pre-2005 notes?

You may have them if you have cash saved for many years of if you have a huge cash component of any deal. You may find them in your day-to-day transactions too.

How do I change pre-2005 notes?

Simply walk into the bank branch  and get these notes changed over the counter.

For how long can we exchange the pre-2005 notes?

Though the actual drive from the government starts after April 1, 2014, you can do your bit and help the government. If you find that you have pre-2005 notes  in your place, just get them exchanged over the counter at your bank branch.  You can also deposit this money into your account at bank branches  or through the ATM and they will be automatically changed for new ones.

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