Identification of Rupees 500 Fake Notes:
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 the one above), 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.
P.S. This article was also carried in the State Bank of India's Pensioner's Association Magazine "SAMVAD" (meaning "Dialogue") in its December 2013 issue at the undernoted link (Pages 14-16):
Links to other posts on Indian Currency denominations on this blog:
11) Did-you-know-series-2-what-is-design-or focus of the picture at the back of circulating Currency Notes in India?