RBI extends the Date for Withdrawal of Pre-2005 Series Banknotes
The Reserve Bank of India has extended the date for the public to
exchange their pre-2005 banknotes till December 31, 2015. It had, in
December 2014, set the last date for public to exchange these notes as
June 30, 2015.
Soliciting cooperation from members of public
in withdrawing these banknotes from circulation, the Reserve Bank of
India has urged them to deposit the old design notes in their bank
accounts or exchange them at a bank branch convenient to them. The
Reserve Bank has stated that the notes can be exchanged for their full
value. It has also clarified that all such notes continue to remain
legal tender.
Explaining the move, the Reserve Bank said that
the banknotes in Mahatma Gandhi series have now been in circulation for a
decade. A majority of the old banknotes have been withdrawn through
bank branches. It has, therefore, decided to withdraw the remaining old
design notes from circulation. Not having currency notes in multiple
series in circulation at the same time is a standard international
practice, the Reserve Bank has pointed out.
The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
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