RBI extends pre 2005 currency notes submission to June 30, 2015

New Delhi, Dec 24 (KNN) Extending the date of submission of pre 2005 currency notes till June 30, 2015, the Reserve Bank of India (RBI) urged the public to deposit the old design notes in their bank accounts or exchange them at any bank branch as per their convenience. 
 

The apex bank solicited the support of the public so that these notes can be withdrawn from circulation.
 

“These notes continue to remain legal tender and will be exchanged for their full value,” RBI stated.
 

As per the earlier notification, the last date of submission of these notes, set by RBI was January 1,2015.
 

Reserve bank clarified 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 A majority of the old notes have also been withdrawn through bank branches.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. 
 

The bank pointed out that this is as per the international practice to not to have currency notes in multiple series in circulation at the same time.
 

“It will continue to monitor and review the process so that the public is not inconvenienced in any manner,” said RBI. (KNN/TR)