The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and Issue Offices of the Reserve Bank. The Reserve Bank had, in June 2015, set the last date for public to exchange pre-2005 banknotes notes as December 31, 2015.

Soliciting cooperation from members of public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to exchange pre-2005 banknotes at the identified bank branches or Issues Offices of the Reserve Bank, convenient to them.

The Reserve Bank has also clarified that all such notes continue to remain legal tender. Explaining the move, the Reserve Bank said that the banknotes in Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn through bank branches. It has, therefore, been decided to withdraw the remaining old design notes from circulation. 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.

Alpana Killawala

 Principal Chief General Manager

Currency exchange extension: older banknotes may be exchanged at identified bank branches and RBI issue offices The Reserve Bank extended the public facility to exchange pre-2005 banknotes until an extended date, restricting exchanges from the new year to identified bank branches and Issue Offices of the Reserve Bank. All such notes continue to be legal tender. The measure is framed as currency series management to withdraw older-design notes following wide circulation of the successor series, with the Bank urging the public to use designated exchange points and stating it will monitor the process to avoid inconvenience.