Suggestion: We should have EXPIRY DATE for every currency note in our country. This must be printed on the currency in a manner that is illiteracy-proof (eg. Colour Coding of the Notes). GRACE DATE must also be printed as the date by which the currency note must be exchanged at the banks. Please specify by law that any transaction above a certain amount shall not be done by physical cash handover by the giver to the receiver, and that should be done only the physical deposit of the cash by the giver into the account of the receiver and the giver and receiver must sign the bank pay-in-slip.

 Benefits:

1. Currency will not be hoarded for long because it will expire
2. Currency will be in regular circulation, and those who deal secretively in cash will have to show up at the banks to exchange their currency notes.
3. Because managing large hoards of cash will become extremely time-consuming and cumbersome, people will be discouraged from keeping large amount of cash.
4. People will move faster into plastic and electronic modes of receiving and paying amounts to avoid the headache of checking the notes and managing the inventory of the notes.
5. Counterfeit cash will have to show up at the banks regularly and the machines at the banks will catch the counterfeit notes immediately. The exposure risk will increase hugely for counterfeiters.
6. Counterfeiters cost of operation will increase enormously, because they have to keep printing fresh notes after every expiry date.
7. The notes in circulation will be crisper and cleaner.
8. The sharp increase in the cost for RBI of designing and printing fresh batches of currency notes will be adequately (if not entirely) compensated by the sharp drop in demand / use for currency notes. After all, who will want to have the pains of managing large amount of cash.
9. Government, through the information systems at the banks, can get rich information on cash movements all over the economy.
10. If the poor and illiterate are enlightened about the implications of this system, they will (hopefully) use their Jan Dhan Yojana Accounts (another great initiative by you) increasingly and meaningfully.