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of <h1>RBI Extends Deadline for Exchanging Pre-2005 Banknotes to June 30, 2016; Notes Remain Legal Tender.</h1> The Reserve Bank of India (RBI) has extended the deadline for exchanging pre-2005 banknotes to June 30, 2016. From January 1, 2016, exchanges will be limited to designated bank branches and RBI Issue Offices. The RBI emphasizes that these notes remain legal tender and requests public cooperation in withdrawing them from circulation. This decision follows the introduction of the Mahatma Gandhi series notes, which have been in circulation for over a decade. The move aligns with international practices to avoid multiple currency series in circulation. The RBI will oversee the process to ensure minimal public inconvenience.
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