New deadline to exchange pre-2005 currency notes The Reserve Bank of India has extended the date for exchanging currency notes that were issued before 2005 to 1 January 2015. “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 A majority of such notes have already been withdrawn through the banks and only a limited number of notes remain with the public,” RBI said in a press release. The central 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. It also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience. Earlier in January, the central bank stated it will “completely withdraw” all bank notes issued prior to 2005 from circulation after March 2014. It was an obligation for customers to exchange these currency notes at banks between 1 April 2014 and 30 June 2014. From 1 July 2014, however, non-customers will have to furnish proof of identity and residence to the bank branch in order to exchange more than 10 pieces of Rs 500 and Rs 1000 notes.
Posted on: Tue, 04 Mar 2014 15:07:53 +0000
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