<p>Reserve Bank today said all pre-2005 currency notes can be used for commercial transaction only till March 31 but could be exchanged at banks even after this deadline.<br /><br /></p>.<p>"All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014," RBI said in a notification.<br /><br />Thereafter, it said, the public will be required to approach bank branches for exchange of such currency on an ongoing basis.<br /><br />The central bank further said pre-2005 notes will continue to be legal tender.<br /><br />"From July 1, to exchange more than 10 pieces of Rs 500 and Rs 1000 notes, bank branches should obtain from non- customers, proof of their identity and residence," it said.<br /><br />Last week RBI decided to completely withdraw from circulation all bank notes after March 31.<br /><br />Earlier in the day, Reserve Bank Governor Raghuram Rajan said the withdrawal of pre-2005 notes is not intended to check black money but to prevent counterfeiting.<br /><br />"It is not intended to get at black money, tax evasion, etc. I am not saying those are good things. This is technical action, in order to withdraw notes which have fewer security features than new notes," Rajan said.<br /><br />It is an attempt to reduce the possibility of counterfeiting and give more reliable notes at the hands of the public, he said.</p>
<p>Reserve Bank today said all pre-2005 currency notes can be used for commercial transaction only till March 31 but could be exchanged at banks even after this deadline.<br /><br /></p>.<p>"All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014," RBI said in a notification.<br /><br />Thereafter, it said, the public will be required to approach bank branches for exchange of such currency on an ongoing basis.<br /><br />The central bank further said pre-2005 notes will continue to be legal tender.<br /><br />"From July 1, to exchange more than 10 pieces of Rs 500 and Rs 1000 notes, bank branches should obtain from non- customers, proof of their identity and residence," it said.<br /><br />Last week RBI decided to completely withdraw from circulation all bank notes after March 31.<br /><br />Earlier in the day, Reserve Bank Governor Raghuram Rajan said the withdrawal of pre-2005 notes is not intended to check black money but to prevent counterfeiting.<br /><br />"It is not intended to get at black money, tax evasion, etc. I am not saying those are good things. This is technical action, in order to withdraw notes which have fewer security features than new notes," Rajan said.<br /><br />It is an attempt to reduce the possibility of counterfeiting and give more reliable notes at the hands of the public, he said.</p>