The simple step of finding White money! Black is always black

In Indian so far there has been no official declaration regarding the lifespan of a currency note. But now the Reserve Bank of India (RBI) has announced its plan to withdraw all the currency notes issued before 2005 aiming to remove counterfeit currency entrenched into the financial system as well as to expose the big black market currency in the country. It is great idea provided all loopholes are plugged for the counterfeit and black money.

The possible reasons for the withdrawing old currency is more to do with restructuring the number of currency variations than anything else. Of course the government is worried about the influx of fake currency and optimisms to wrestle it using all notes printed after 2015 which are far more technically superior and difficult to print for fake currency mongers. Excellent idea to curb Black Money as well as counterfeit notes by the reserve-bank governor Raghuram. He has chosen the wise step to eradicate the black money fake currency. It will also put on hold to the flow of money printed in foreign countries entering our country through the hands of terrorists for disruptive activities. If the measures are strictly adapted it will put a balance in our economy and inflation... The people holding black money will have to find an alternate route or pay the proper tax and make them white.

I am sure you are still having some sort of confusion for whether the notes you are having in your pocket or ones stockpiled in your locker requires to be changed or not? How to find whether your currency notes are printed before 2005 or after that? Well here is the solution for that too.

Currently the Reserve Bank of India prints currency notes in the change of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000. All the notes printed before the year 2005 do not have the year of printing marked on it. All currency notes printed after 2005 have year of printing clearly printed in the middle of the bottom row on the backside of the note. Checkout in the images below.

Year printed at the bottom of the note

Year is not printed at the bottom-center of the note

All public sector as well as private banks have been asked to create a dedicated exchange counter where both account owners as well as non-account owners of that bank or branch can exchange their old currency notes for new ones. These exchange counters will become operation from 1st April 2014 to 30th June 2014. For any exchange of more than ten pieces of old Rs 500 or Rs 1000 notes after that date would require identity proof and address to be shared with the bank if you are a non-customer of that bank.

Rumors say that “For Election Stunt the Govt has taken this step, nothing else”. It was told by many expert persons including a politician Chandrababu Naidu former chief minister years ago. The truth is veiled in government’s cognizance but if it is really to exterminate black money than it’s “A right move at the right time...!”