RBI extends date for exchanging pre-2005 banknotes to January 1, 2015
Updated: Mar 04, 2014 12:30:16pm
Mumbai, Mar 4 (KNN) In an attempt to reduce the possibility of counterfeiting and in compliance with the standard international practice to withdraw old series notes, the Reserve Bank of India which had issued a notification that it would withdraw banknotes issued prior to 2005 from the market, has extended the date by which the public can exchange their notes at bank branches from March-31, 2014 to January-1, 2015.
“Following its Press Release of January 24, 2014, the Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public,” an RBI notification said yesterday.
The public has been asked to cooperate in withdrawing these notes from circulation by exchanging them at a bank branch convenient to them.
“This withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public,” it said.
However, RBI has clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.
The apex bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
RBI has been following a policy of phasing out of certain series of banknotes from time to time. The rationale for move to withdraw banknotes issued prior to 2005 from the market was because they have fewer security features compared to banknotes printed after 2005. (KNN/ES)
“Following its Press Release of January 24, 2014, the Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public,” an RBI notification said yesterday.
The public has been asked to cooperate in withdrawing these notes from circulation by exchanging them at a bank branch convenient to them.
“This withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time. A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public,” it said.
However, RBI has clarified that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.
The apex bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
RBI has been following a policy of phasing out of certain series of banknotes from time to time. The rationale for move to withdraw banknotes issued prior to 2005 from the market was because they have fewer security features compared to banknotes printed after 2005. (KNN/ES)
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