Due date to Deposit
Pre-2005 Currency Notes extended to June 30, 2015
Deposit Pre-2005 Currency Notes
in Your Bank Accounts before June 30, 2015: RBI Urges Public
Soliciting
cooperation from the public in withdrawing these notes from circulation,
the Reserve Bank of India has urged them to deposit the old design
notes in their bank accounts or exchange them at a bank branch convenient
to them. The Reserve Bank of India has stated that the public can do so till
June 30, 2015. Earlier, in March 2014, it had set the last date for public to
exchange these notes was January 01, 2015.
The Reserve Bank 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.
Explaining
the move, the Reserve Bank said that now the notes in Mahatma Gandhi series
have been in circulation for a decade. A majority of the old notes have also
been withdrawn through bank branches. It has, therefore, decided to
withdraw the remaining old design notes from circulation. Not having currency
notes in multiple series in circulation at the same time is a standard
international practice, the Reserve Bank has pointed out.
The Reserve Bank will
continue to monitor and review the process so that the public is not inconvenienced
in any manner. (Source- RBI)