Soliciting cooperation from the public in withdrawing these notes 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. The Reserve Bank of India has stated that the public can do so till June 30, 2015. Earlier, in March 2014, it had set the last date for public to exchange these notes was January 01, 2015.

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.

Explaining the move, the Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade. A majority of the old notes have also been withdrawn through bank branches.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 Reserve Bank has pointed out.

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

Alpana Killawala

Principal Chief General Manager

Withdrawal of old currency notes: public urged to deposit or exchange them at banks to complete the currency series transition. The Reserve Bank requests the public to deposit or exchange pre-2005 design currency notes at bank branches by the final date; such notes remain legal tender and will be accepted at full face value. Banks are the designated channels for deposit or exchange, and the central bank will monitor the process to minimise public inconvenience while completing withdrawal of the older currency series.