RBI extended deadline for exchanging pre-2005 currency notes by 6 months
The notes can be exchanged for their full value and all such notes will continue to remain legal tender.
The Reserve Bank of India (RBI) on 25 June 2015 extended the date to exchange pre-2005 bank notes till 31 December 2015.
RBI in an official statement said that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.
Soliciting cooperation from members of public in withdrawing these banknotes, it also urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.
Earlier on 23 December 2014, it extended the deadline for exchanging pre-2005 of various denominations by another six months till 30 June 2015 from previous 31 December 2015.
How to identify the pre-2005 currency notes?
As per RBI, the currency notes which were issued before 2005 do not have the year of printing on the reverse side, whereas, notes issued post 2005 have the year of printing at the bottom of the reverse side.
Why this exchange is essential?
According to RBI, the post-2005 notes have added security features and will help in curbing the menace of fake currency.
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