What RBI is going to do with old currency notes of 500 and 1000 rupees?

What RBI is going to do with old currency notes of 500 and 1000 rupees

Currency Verification and Processing System of Reserve Bank of India (RBI).


Notes of Rs 500 and 1000 has been banned by Government of India with the help of RBI since November 8 2016 but they have still given chance to people to change notes till 30th December 2016. At this moment, some limit has been applied for currency exchange and you can only change Rs. 4000 per person.

Since 10th November people have started changing currency and money is going to collect in the various banks.

But, you still might have question in your mind, what RBI is going to do with old currency notes of 500 and 1000 rupees?

What RBI is going to do with old currency notes of 500 and 1000 rupees

 

In this process, RBI is first going to collect all Rs 500 and 1000 notes from various banks across country and then using currency verification and processing system (CVPS), they can identify all fake and original currencies.

Original currencies

Later, original currency will be given either to the contractor to fill up the lands or create new currencies.

Fake Currencies

We all know that there is huge amount of fake currencies circulated around the country so this can also be reused by RBI to create paper plate, calendar and files.

So guys, I hope you now understand what happens with old currencies.

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Rs. 500 and Rs 1000 old currency notes will no longer be legal tender as of 08th November 2016

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