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Tamil Software
அழகி மென்பொருள்
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Pre-2005 notes will still be legal tender: RBI

Courtesy: Shekar, chennai

Pre-2005 notes will still be legal tender: RBI

Raghuram Allays Public Fear Over Currency


New Delhi: RBI governor Raghuram Rajan on Thursday sought to allay public apprehensions over the move to withdraw pre-2005 currency notes, clarifying that older notes would remain legal even after the deadline of March 31. The measure, he said, was not an attempt at demonetization, but only the culmination of finance ministrys long-pending request to replace the less secure old currency with newer notes having better security features.

People are making different interpretationsunfortunately, that should not be the interpretationthe move has nothing to do with the coming elections. Pre-2005 notes will continue to be legal tender, Rajan said in response to CBI director Ranjit Sinhas question on the significance of the central banks move to withdraw currency notes printed before 2005, ahead of the general elections.

Rajan was taking questions after delivering the 8th R N Kao Memorial lecture in the capital, organized by the Cabinet Secretariat.

According to the RBI governor, the withdrawal was meant to be userfriendly and the process would be eased to ensure that the pre-2005 currency notes are withdrawn over time.

Rajan clarified that the withdrawal of pre-2005 currency notes had been a longstanding demand of the finance ministry. He explained that the currency notes printed after 2005 have better security features. Besides, we are printing new notes, he said, justifying the move to phase out the less effective, older currency notes. The RBI had on Wednesday announced that after March 31, 2014, it will withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public would be required to approach banks for exchanging these notes.

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