Deadline for exchange of old notes extended

The Reserve Bank of India (RBI) on Thursday extended the date for exchange of pre-2005 banknotes till December 31, 2015.

It had earlier 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,” RBI said in a statement.

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, the central bank said.

It 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 A majority of the old banknotes have been withdrawn through bank branches.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 RBI said.

The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.