Mumbai, Dec 24 (KNN) RBI has extended the last date for exchanging the pre-2005 banknotes to June 30, 2016.

The apex bank, however, said that from January 01, 2016, such facility will only be available at identified bank branches and Issue Offices of RBI.

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, RBI has urged them to exchange pre-2005 banknotes at the identified bank branches or Issues Offices of the Reserve Bank, convenient to them,” RBI said in a statement.

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A majority of the old banknotes have been withdrawn through bank branches.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.  (KNN Bureau)