RBI to Withdraw Pre-2005 Currency Notes

Anybody with currency bundles stashed under the mattress may need to check them. The Reserve Bank of India has said that banknotes issued before 2005 will be completely phased out after March 31 and replaced with new ones. From July 1 on wards, however, things could get more interesting at bank counters. To exchange more than 10 pieces of Rs. 500 and Rs. 1,000 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.