RBI has extended the due date for exchanging the Pre-2005 notes to 01.01.2015.Now person having pre-2005 notes can exchange the notes from nearest bank branch till 01.01.2015.Further these note shall be valid legal tender till further orders can be used in market in normal course.
However even January 1, 2015 onwards, members of public can exchange any number of these old series notes from the bank branches where they have their accounts.
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. The Reserve Bank solicits the cooperation of the public 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 A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public.
The Reserve Bank clarifies 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 Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
To recollect ,it is reitrated that this rules is applicable on note of all denominations (RS 2,5,10,20,50,100,500 and 1000).we have given a example of notes relesed before 2005 and after 2005.
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Tarun Kumar Gupta
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