CURRENT UPDATE : RBI EXTENDS DATE OF EXCHANGING PRE-2005 NOTES TO JAN 1, 2015

RBI EXTENDS DATE OF EXCHANGING PRE-2005 NOTES TO JAN 1, 2015

RBI has extended the date for exchanging pre-2005 banknotes to 1^st  January, 2015. In a press release issued from Mumbai today, RBI has advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.

The Reserve Bank has further clarified that the public can continue to freely use these notes for any transaction. RBI has said that people can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.

Requesting people to actively co-operate in the withdrawal process, RBI has reiterated that the withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. RBI has claimed that a majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public.

Earlier this year, RBI had said that after 31st of March; it will completely withdraw from circulation all banknotes issued prior to 2005.