Who: Deadline for exchanging pre-2005 currency notes
What: Extended for 6 months by RBI
When: 23 December 2015
The Reserve Bank of India on 23 December 2015 extended the deadline for exchanging pre-2005 currency notes of various denominations by another six months to 30 June 2016.
The decision to extend the deadline was notified by the apex bank in a statement issued in Mumbai.
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 25 June 2015, the Reserve Bank had set the last date for public to exchange pre-2005 banknotes notes as 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?
The Reserve Bank pointed out that it is standard international practice not to have currency notes from multiple series in simultaneous circulation. The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
The post-2005 notes have added security features and will help in curbing the menace of fake currency.