Pre-2005 Currency: Deadline to Exchange Notes Extended

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NewZNew (New Delhi) : The Reserve Bank of India (RBI) has granted additional six months for exchanging currency notes printed before 2005. The public can do so till June 30, 2015. Earlier, the RBI had set January 1, 2015 as the last date for exchange of these notes.

rupee_625x300_41404960738The RBI in a communication has urged the public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The RBI has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender. This means the public can continue to use these for any transaction/payment.

The Reserve Bank has so far shredded 144.66 crore such notes valued at Rs 52,855 crore since the launch of the drive to take out the pre-2005 notes from circulation.

Post-2005 notes have added security features and help in curbing the menace of fake currency.

Currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued after 2005, the year of printing is visible at the bottom on the reverse.