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RBI extends deadline to exchange pre-2005 currency notes to June 30, 2015

However, even after June end next year the notes will continue to be legal tender

BS Reporter  |  Mumbai 

The Reserve Bank of India (RBI) has extended the deadline to exchange pre-notes to June 30, 2015 from the earlier deadline of January 1, 2015.

The central bank in a notification on Tuesday said that the notes could be exchanged for their full value till June 30. It has also clarified that all such notes continue to remain legal tender.

Explaining the rationale behind withdrawing the pre-notes from circulation it said, “…the notes in 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 A majority of the old notes have also been withdrawn through bank branches.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.”

In March 2014, had announced all notes issued prior to will be withdrawn from circulation. were told to exchange any number of notes for both customers and non-customers. Earlier, had set a deadline of July 1 for exchanging the notes, after which would exchange the notes only for their customers and non-customers had to furnish proof of identity and residence. But subsequently this deadline was extended to January 2015 which has now been revised again to June-end next year.

It is easy to identify pre-notes, as they do not have the year of printing on the reverse side. In the notes issued after 2005, the year of printing is visible at the bottom of the reverse side.

Post-notes have added additional security features and help curbing the menace of fake In its March circular, had also told to stop re-issue of pre-series notes over the counters/through ATMs.

Those exchanging the notes will get the full value of the money in return. The says on its website that coins in the denomination of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise have been withdrawn from circulation with effect from June 30, 2011 and are, therefore, no more legal tender.

Even bank notes of Rs 1, 2 and 5 continue to be legal tender, though these denominations have been coinised and their printing has been discontinued.

First Published: Wed, December 24 2014. 00:48 IST