Posted on 22.08.13:
The Back of the above Banknote showing the year of issue as 2012.
Posted on 28.09.13:
A Rs.1000/- Banknote with a Plain Inset issued in 2013.
The Back of the above Banknote showing the year of issue as 2013.
9) The Reserve Bank of India destroys several million pieces of soiled currency notes of various denominations every year (i.e. Rs.1000/-, Rs.500/-, Rs.100/-, Rs.50/-,Rs.20/-, Rs.10/- and upto Rs.5/- categories). For example, during 2010-11, RBI destroyed an aggregate of 13,852 million pieces of various denominations. This results in adding more value to the notes in Collectors’ possession with the passage of time.
Posted on 23.01.2014:
Reserve Bank of India has now decided to withdraw all currency notes issued prior to 2005, without specifically mentioning that these Banknotes will cease to be legal tender. From April 2014 all Banks will accept and exchange pre-2005 Banknotes. These Banknotes are easily identified by the absence of the year of printing on the Back of the Note. RBI estimates that the maximum number of fake currency Banknotes are from the period prior to 2005. From 01.07.2014, to exchange more than 10 pieces of Rs.500/- and Rs.1000/- banknotes, non-customers will have to furnish identity and address proof to the Bank Branch. However, it is expected that later on RBI will issue a communication advising users the final date upto which Banknotes prior to 2005 will be accepted by the Bank.
Therefore, please start examining the year of issue"at the back of the currency Notes passing through your hands, so as not to face the inconvenience of going to a Bank Branch for returning the currency issued prior to 2005.
While this is a welcome step, RBI needs to have a policy in place to take the remaining counterfeit Banknotes issued after 2005, like changing/revamping the Front and Back designs, adding more effective security features etc. so as not to put users at risk of accepting counterfeit currency Banknotes.
Posted on 03.03.2014:
RBI has further clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender till that date.
Links to other Posts on Indian Currency Notes on this Blog:
Classification and Valuation of Rs.500/- Notes
Classification and Valuation of Rs.100/- Notes
Classification and Valuation of Rs.50/- Notes
Classification and Valuation of Rs.20/- Notes
Classification and Valuation of Rs.10/- Notes
Classification and Valuation of Rs.5/- Notes
Did-you-know-series-1: Assists for identification of Currency Notes by visually challenged users
Did-you-know-series-2-what-is-design-or focus of the picture at the back of circulating Currency Notes in India?
Are you carrying a Fake Rs.500/- Banknote in your purse/wallet?: A comprehensive study