Banking News

Circulation of pre-2005 Currency notes extended up to December 31, 2015

The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. The central bank had, in December 2014, set the last date for public to exchange of these notes as June 30, 2015.RBI further clarified that

It is further clarified  by the bank that the public can exchange their old design note (pre-2005 bank notes) at a bank convenient to them or deposit the same to their bank account for full value. Reserve Bank pointed out that decision to withdraw old design note is in conformity with standard international practice of not having currency notes in multiple series in circulation at the same time.

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