The recent advisory issued by the Reserve Bank of India to withdraw all currency notes issued prior to 2005 has created confusion among the people about the procedure of changing the notes. Though the detailed guidelines of the RBI are yet to reach its regional branches, officials in Bhubaneswar advised people not to panic and co-operate in the withdrawal process. Here are your questions answered.

Reserve Bank of India

What does the advisory say?

After March 31 this year, the RBI will completely withdraw from circulation all currency notes issued prior to 2005. From April 1, the public will be required to approach banks for exchanging these notes. The advisory also said that all banks would provide exchange facility for these notes until further communication.

How do I identify currency notes issued before 2005?

These notes do not have the year of printing on them.

Why are only notes issued before 2005 being changed?

Officials said notes issued after 2005 has been printed with an advanced security system, minimising the chances of forgery. So RBI is mulling to withdraw the notes issued before 2005 as a number of forged notes are in circulation.

Where can I change these notes?

From April 1, anyone can change notes at any bank. People can also exchange the notes at the two RBI counters in Bhubaneswar. People need not produce their identity proof for this.

However from July 1, non-customers (person not having an account in the bank) will have to furnish proof of identity and residence to the bank branch in case they exchange more than 10 pieces of Rs 500 and Rs 1,000 notes. Account holders need not furnish their identity proof because the bank already has their details.

From July 1, what happens if I have an account in one branch and want to change currency in a different branch of the same bank?

Officials say that all banks are being connected through the core banking system enabling the bank account opened at a specific branch to be recognised by other branches of the same bank. But officials advise changing the notes at the branch where you have the account because, at times, the account details are not available with other branches.

Will notes not returned before July 1 become invalid?

The advisory clearly states that notes issued before 2005 will continue to be legal tender. Officials said that once the notes are deposited in banks, the banks would segregate the notes issued before 2005 and deposit them with the RBI.