Mumbai: The Reserve Bank of India has announced that it would withdraw all currency notes issued before 2005, after March 31 2014.  Among the withdrawing currencies, they have included higher denominations of Rs 500 and Rs 1,000.

They said that to avoid difficulties there will be enough time for the public to exchange such currencies for newer ones and their transactions will be banned from April 1.

They advised people to turn up their older notes at the nearest bank branches and collect fresher ones in return.

RBI authorities said that the public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have year printed on the reverse side. They advised the public not to be panic and requested to co-operate with them in the withdrawal process.