Thought for the day

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Deposit Pre-2005 Currency Notes in Your Bank Accounts before June 30, 2015: RBI urges Public

Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, 2015. Earlier, in March 2014, it had set the last date for public to exchange these notes was January 01, 2015.

The Reserve Bank has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.

Explaining the move, the Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade. A majority of the old notes have also been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice, the Reserve Bank has pointed out.

The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.

Alpana Killawala
Principal Chief General Manager

Press Release: 2014-2015/1306
Source :RBI

 

[timepass]

Deposit Pre-2005 Currency Notes in Your Bank Accounts before June 30, 2015: RBI urges Public

Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, 2015. Earlier, in March 2014, it had set the last date for public to exchange these notes was January 01, 2015.

The Reserve Bank has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.

Explaining the move, the Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade. A majority of the old notes have also been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice, the Reserve Bank has pointed out.

The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.

Alpana Killawala
Principal Chief General Manager

Press Release: 2014-2015/1306
Source :RBI

But that goes only for Rs. 500 and Rs. 1000 notes, right ?

 

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But that goes only for Rs. 500 and Rs. 1000 notes, right ?

1. What are the pre-2005 series banknotes?

The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes.
2. How can one distinguish the pre-2005 series banknotes?

Apart from the additional security features, the 2005 MG series banknotes have the year of printing on the reverse of the notes in the lower middle portion. Banknotes printed before 2005 do not have the year of printing on the reverse side and hence can be easily distinguished.

3. Why has RBI decided to withdraw pre-2005 series banknotes?

Reserve Bank of India decided to withdraw from circulation all banknotes issued prior to 2005 as they have fewer security features as compared to banknotes printed after 2005. The withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. The RBI has already been withdrawing these banknotes in a routine manner through banks. It is estimated that the volume of such banknotes (pre-2005) in circulation is not significant enough to impact the general public in a large way and the members of public may exchange the pre-2005 series banknotes at bank branches at their convenience.

4. Do the pre-2005 series banknotes cease to be legal tender?

The notes issued before 2005 shall continue to be legal tender. The notes are only being withdrawn from circulation and this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time.
5. Can the pre-2005 series banknotes be used for normal transactions?

Members of the public can continue to freely use these notes for their transactions and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.

source: RBI

 

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Govt to confer Bharat Ratna on Vajpayee and MM Malaviya

Former Prime Minister Atal Bihari Vajpayee, a charismatic practitioner of consensual politics who found acceptability across the political spectrum, was picked for the country's highest civilian honour Bharat Ratna, an award that was also bestowed on late freedom fighter and Hindu Mahasabha leader Madan Mohan Malviya.

The announcement of the decision taken by the Modi government came ahead of the birthday of Vajpayee, who turns 90, and the 153rd birth anniversary of Malviya on Thursday.


:clap::clapping::clapping::clapping:

 

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Ego is a veil between Human and God.

 

[Catch22]

 

[Catch22]

This hurts ..

 

[praveen taneja]

 

[praveen taneja]

ALL BHARAT RATNA RECIEVERS WITH NAME AND YEAR