Phasing out old Indian Currency notes.

The Reserve bank is phasing out old currency notes in the denominations of Rs 1,000 and Rs 500 of 1996 series and replacing them with new ones with added security features. RBI spokesperson Alpana Killawala from Mumbai said that the public will not be put to inconvenience by the process of phasing out these notes, which merely means that these currency notes would not be reissued after they are deposited with banks. These notes will be replaced with 2006, Mahatma Gandhi series notes, which has more security features. Initially, only Rs 1,000 and Rs 500 are being phased out, which may be extended to other currency notes of old series as well. She also said that the replacement of the old currency notes by the new notes is an exercise followed by central banks all over the world.