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Thursday 23 January 2014

Tnpsc Group 1 and Group 2 Current Events - RBI will withdraw all pre 2005 notes

 Reserve Bank of India has said that all currency notes issued before 2005 will be withdrawn from circulation - a move that is expected to check fakes and at the same time cause consternation among those dealing in cash. Although the central bank has desisted from declassifying these notes as legal tender there is fear that a logical conclusion would be to take these notes completely out of circulation.

In terms of the timeline set out by the central bank, from April 2014 all banks will accept and exchange pre-2005 notes. These can easily be identified by the absence of year of printing at the reverse of the note. Sources said that the maximum number of fake currencies have been in the pre-2005 series. From July 2014, to exchange more than 10 pieces of Rs 500 and Rs 1000 notes, non-customers will have to furnish identity and address proof to the bank branch. 
 
RBI has been withdrawing older currencies with lesser security features gradually from circulation by destroying these notes which are sent by banks. However, the fact that it has chosen to issue a press release with a timeline and a statement that the exchange facility will continue 'until further communication' is seen as a signal of an imminent deadline. At the same time the central bank has made an appeal to the public not to panic but to actively cooperate in the withdrawal process. The total value of currency in circulation in end-March 2013 was around Rs 11,68,800 crore which is more than three times the Rs 3,61,227 crore of currency in circulation in March 2005.

RBI sources said that while the central bank keeps track of the value of the currency in circulation it was not possible to identify how many of these were printed prior to 2005. Every year RBI destroys and reissues millions of notes with the lower denominations having the shortest life due to their high velocity. But even today there continue to be in circulation notes bearing signature of former governors who stepped down in '90, S Venkitaraman (upto December '92), C Rangarajan (January '97), Bimal Jalan (September 2003).

Bankers say that the process could have implication on unaccounted currency in circulation. Athough all banks have been asked to freely exchange currencies, bankers say that RBI norms require that every transaction over Rs 10 lakh have to be reported to the authorities as a part of global anti-money laundering norms. In the past some political leaders such as Baba Ramdev had called for withdrawal of currency note of Rs 500 and Rs 1000 denomination to curb black money. Bankers, however, said that the move is impractical and would require ATMs to be refilled thrice a day were it to be implemented.

RBI sources said that maximum counterfeiting has been taking place in the pre-2005 category of currency notes. Some bankers feel that such high quality fakes indicate that counterfeiters are gaining access to security paper from enemy nations. The Mahatma Gandhi series of notes, which are a successor to the Ashoka pillar series, were first introduced in 1996 with special features compared to earlier notes. However, these were soon counterfeited and in 2005 RBI introduced a whole new set of features including security thread, intaglio printing, see through register, and optically variable ink.

Tnpsc Group 2 Notification (CCSE Gr II A ) Non Interview Post Vacancies : 1181

Tnpsc Group 2 Non Interview Post  expected to notify in 3rd week of Jan with 1181 post.



Combined Civil Service Examination-II (Non-Interview Posts) (Group-II-A Services)
(Vacancies:1181)


3rd week of January-2014  Notification 18.05.2014 (Sunday)  Exam Date 3rd week of August-2014  Result of Exam -------
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1st week of September-2014  Counselling Date
 
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