RBI has decided to withdraw all currency notes prior to 2005. By March 31st, all these notes including Rs.500 and Rs.1000 denominations will be withdrawn by RBI. RBI also said from April 1, 2014, people will have to approach banks for exchanging these notes.
This move by the central bank has been taken in order to curb fake currency and black money circulation. For all notes before 2005, there will not be any year of printing on the reverse side. However, for notes printed post 2005, year of printing will be visible.
RBI has extended the deadline to January 1, 2015. It has also advised all the banks to facilitate exchange of the pre-2005 notes without causing inconvenience to the public.