Pre-2005 Banknotes can be exchanged upto June 30, 2016; in Identified Bank Branches and Issue Offices of RBI
Press Releases
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The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx)
and Issue Offices of the Reserve Bank. The Reserve Bank had, in June
2015, set the last date for public to exchange pre-2005 banknotes notes
as December 31, 2015.
Soliciting cooperation from members of
public in withdrawing these banknotes from circulation, the Reserve
Bank of India has urged them to exchange pre-2005 banknotes at the
identified bank branches or Issues Offices of the Reserve Bank,
convenient to them.
The Reserve Bank 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have been withdrawn through bank branches.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, been
decided to withdraw the remaining old design notes from circulation. The
Reserve Bank pointed out that it is standard international practice not
to have currency notes from multiple series in simultaneous
circulation. The Reserve Bank will continue to monitor and review the
process so that the public is not inconvenienced in any manner.
Alpana Killawala
Principal Chief General Manager
Press Release : 2015-2016/1501
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