RBI to withdraw Pre 2005 currency notes to curb Black Money #ChartAcc
Wednesday, January 22, 2014
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ChartAcc.com - Good step by RBI to curb and bring back Black Money.
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| RBI to withdraw Pre 2005 currency notes to curb Black Money #ChartAcc by Vikrmn photo CA Vikram Verma |
Reserve Bank of India decided to withdraw all currency notes issued prior to 2005. From 1 April 2014, the public will be required to approach banks for exchanging these notes. Notes issued prior to 2005 have not got year of printing on the reverse side.
From July 01, 2014, non-customers exchanging notes INR 500 and INR 1,000 rupee notes (more than 10 pieces) will be required to furnish proof of identity and residence.
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