Validity and expiry dates for currency notes.Members,
How it would be!
Presently the currency notes live for a long for many decades despite becoming old and mutilated. They are valid forever until demonetization. Many stock and pile up the currency notes in their lockers, steel vaults, under the earth and wherever convenient to hide.
To avoid this, what if we have validity and expiry dates for the currency notes. We can print the year of printing in bold letters in our currency notes and say that the currency note will not be valid after five years. Supposing a currency note printed in 2020 will be valid only upto 2025, and will not be valid in 2026. By this, no one will dare to store the currency notes, but deposit with the banks before the expiry of its validity. There won't be any black money in cash.
Your views and comments please. Will it be Okay. What would be the pros and cons?