June 30 will be the last day for exchanging pre-2005 currency notes, including those of Rs.500 and Rs.1,000 denominations, at banks, the Reserve Bank of India has notified
New Delhi: June 30 will be the last day for exchanging pre-2005 currency notes, including those of Rs.500 and Rs.1,000 denominations, at banks, the Reserve Bank of India has notified.
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The RBI has asked the public to deposit the old design notes in their bank accounts or exchange them at a convenient bank branch.
The central bank had extended its earlier exchange deadline of January 1 till the end of this month.
Besides being standard international practice to withdraw old series notes, the RBI said the pre-2005 banknotes have fewer security features compared with banknotes printed thereafter, designed to curb the menace of fake currency.
The finance ministry has informed parliament that over 164 crore pre-2005 currency notes of various denominations, with the face value of around Rs.21,750 crore, were shredded in regional offices of the RBI in a 13-month period ending January.
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