RBI extends deadline to deposit pre-2005 currency notes

The date for withdrawing pre-2005 currency notes from circulation has been extended to June 30, the Reserve Bank of India announced Tuesday.

In March, the RBI had urged the public to deposit all currency notes of the old design printed prior to 2005 or exchange them local bank branches, by Jan 1, 2015.

These old notes will be exchanged for their full value and they continue to remain legal tender, the RBI said.

The country's central bank explained that the notes in the Mahatma Gandhi series were in circulation for a decade now, and a majority of the old notes have already been withdrawn through bank branches.

It is now planned to withdrawn the remaining old design notes from circulation, the RBi said, adding that not having currency notes in multiple series in circulation simultaneously is a standard international practice.

According to official sources, the post-2005 currency notes incorporate high level of security features to prevent counterfeiting.