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Sunday, July 20, 2025
YourTurnSubscriberWrites: Expiry dates on Rs 500 notes could curb corruption, suggests senior...

SubscriberWrites: Expiry dates on Rs 500 notes could curb corruption, suggests senior CA

After reports of large cash recovery from a judge’s residence, India could revive a pre-independence practice to print expiry dates on Rs 500 notes to deter illicit hoarding.

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It now appears that a large amount of cash might have been found in the house of Judge.

As for the modus operandi of corruption, it is well known that it is done through the exchange of Rs. 500 Notes.

There may be a way to apply a big break to this modus operandi by mentioning  *Valid Before” date boldly printed on every Rs. 500 Note. This date may be 4 years from the date of printing. 

This measure will not cause undue hardships to the masses because most of the daily transactions carried out by them are through lesser denomination currency notes.

With a view to prevent loss to the holder at the borderline of the expiry date, one may be allowed to deposit these expired notes in SBI within say 3 months after Expiry Date.

Such a suggestion was made way back before independence by the great social leader from Maharashtra popularly called as Konkan Gandhi, but never implemented for the reasons best known to the powers that be.

These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint.

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