This will be a short post guys. The intent of this post is to advise and caution you that if you don’t act now, your hard earned money will be nothing more than just printed paper. Please note that this change impacts the Indian currency only.
In India the Reserve Bank of India which is responsible for printing the currency notes in India is taking certain currency notes out of circulation. This article will help you find if your currency note is from the discontinued series or not.
Which legacy Indian currency notes are going out of circulation?
The currency printed in or before the year 2005 are going out of circulation. All currency notes that are printed after that period will be valid.
How to find out if the currency is printed in or before the year 2005?
On all valid currency notes, the year of printing is printed on the back of the note in the center bottom area. All invalid notes don’t carry the year of printing. See the image below from the back of the INR1000 and INR500 currency notes. As you can see the in the center bottom of the back side of the note, there is nothing printed.
How find out if the currency note is valid for circulation?
All valid currency notes will carry the year of printing on the back side of the note in the center bottom area. As you can see from the images below, the year of printing is displayed in the center bottom. These are valid currency notes that can be circulated freely without any problems.
Which denomination of Indian currency notes are impacted by this change?
INR1000, INR500, INR100
What is the deadline from removing old currency notes out of circulation?
The Reserve Bank of India has set a deadline of 31-Mar-2014 for removing all old notes out of circulation.
What to do if you have such a note?
Till 31-Mar-2014, there is nothing to worry about. All shops and establishments will accept pre 2006 (invalid) notes. However, after 31-Mar-2014, if you still have those notes, you will have to visit any bank to get the note exchanged.
Though it looks like a like a lot of trouble, but a lot of currency notes are already out of circulation. Only a small percentage still exists in circulation. When I did my check, I could find only a few notes which I deposited in the bank. In conclusion, it looks like a big trouble, but in reality it is a trivial matter. However, please be careful while accepting notes as you wouldn’t want to be stuck in a situation where you have to spend (waste) time in going to the bank to exchange the money.