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Possible Currency Problems

Great Chesterford...
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3 posts
45 reviews
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Possible Currency Problems

I have read that all Indian Rupees printed before 2005 ( the print year is on reverse of note, lower middle) will be withdrawn by the Indian Central Bank on 31/03/2014. Those in circulation after that date will need to be exchanged at a Bank (never a place where you have a short visit).

I have read that this has caused some panic as people who are in possession of black or counterfeit money try and move it before the dead line as large amounts will have to be accounted for.

Has anyone had experience of problems money changers, taxi, restaurants etc ?

Destination Expert
for Chennai (Madras)
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4,331 posts
53 reviews
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1. Re: Possible Currency Problems

Yes RBI announced to exchange rupees note in banks printed before 2005 from 1.4.2014 but even after the date the notes printed before 2005 will be valid no need to panic

Today RBI made another announcement that instead of 1.4.2014 the exchange of notes (printed before 2005) can be made today onwards

All notes printed before 2005 will be valid even if it is not exchanged

To find whether the rupee note printed before 2005 or after 2005 at reverse of the note if year of printing not mentioned identify it as printed before 2005

Kolkata (Calcutta...
Destination Expert
for Kolkata (Calcutta), Darjeeling, India
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2. Re: Possible Currency Problems

Let me put it this way, you will not have a problem unless you are trying to change 100,000 INR at one go.

Kottayam, India
Destination Expert
for Kerala
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6,262 posts
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3. Re: Possible Currency Problems

I am sure this iniative by RBI will definetely brings majority of black moneys stored in lockers of banks etc to market.So i am appreciating this effort

Destination Expert
for Varkala
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124 reviews
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4. Re: Possible Currency Problems

I know what brave1 is saying but I do not understand your post Alen:((

5. Re: Possible Currency Problems

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