Mumbai, Jan 23 (KNN) The Reserve Bank of India (RBI) has decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, effective March-31.

“The Reserve Bank of India has today advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005,” an advisory issued by the central bank on Wednesday said.

The step is aimed at curbing black money and fake currencies in the country.

“From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication,” the advisory added.

The Reserve Bank has also clarified that the notes issued before 2005 will continue to be legal tender.

From July 01, 2014, however, to exchange more than 10 pieces of Rs 500 and Rs 1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.

The Reserve Bank has appealed to the public not to panic. “They are requested to actively co-operate in the withdrawal process.” (KNN/SD)