Show Answer 2005 The Reserve Bank of India warned that it would withdraw from circulation all banknotes that had been issued before 2005, including Rs 500 and Rs 1,000 denominations. According to central bank advisory, anybody who had such currency notes would have to approach a bank in order to exchange them before April 1, 2014. RBI would start withdrawing the notes after March 31, 2014 in a move apparently aimed at curbing black money and fake currencies.