The Reserve Bank of India (RBI) on 23 December 2014 extended the deadline for exchanging pre-2005 of various denominations by another six months till 30 June 2015.
RBI in a statement said that all such notes will continue to remain legal tender and can be exchanged for their full value. It has urged public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.
Earlier, in March 2014, RBI had set the last date for public to exchange these notes was 1 January 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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