The Reserve Bank today[January 23, 2014] decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.This move is intended to remove the fake notes and old notes from the Currency system, thereby bringing in the fresh notes so that the authentication will be much easier and less time consuming.
This drive will take place freely for all people of India till June 30th 2014. After that, whom so ever needs to change the currency notes should provide their earnings certificate and the regular KYC to the Banks for every 10 notes for 500 and 1000
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