WITHDRAWAL OF ALL OLD SERIES OF BANKNOTES ISSUED PRIOR TO 2005
CIRCULAR DCM (PLG) NO.G-8/2331/10.27.00/2015-16, DATED 23-12-2015
Please refer to our circular DCM (Plg) No.G-15/5486/10.27.00/2014-15 dated June 26, 2015 and the Press Release dated June 25, 2015 on the captioned subject.
2. On a review of the matter, it has been decided to extend the date for exchanging the pre- 2005 banknotes to June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and Issue Offices of RBI. These instructions have been included in a Press Release dated December 23, 2015 (Annexure).
3. You are advised to facilitate the exchange of such notes without causing any inconvenience to the public, whatsoever. These notes will retain their legal tender status.
4. Suitable instructions may be issued to all your identified bank branches to provide exchange facilities to members of public and to stop re-issue of the pre- 2005 series banknotes. In this regard, you may please refer to the list of dos and don’ts enclosed with our circular dated March 03, 2014. Please also ensure that such notes are not dispensed through the ATMs/over your counters. The methodology to be followed for dealing with the Pre-2005 series banknotes contained in Para 3 of our circular DCM (Plg) No. G-17/3231/10.27.00/2013-14 dated January 23, 2014 remains unchanged.
5. Please acknowledge receipt.
Pre-2005 Banknotes can be exchanged upto June 30, 2016; in Identified Bank Branches and Issue Offices of RBI
PRESS RELEASE-2015-2016/1501, DATED 23-12-2015
The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and Issue Offices of the Reserve Bank. The Reserve Bank had, in June 2015, set the last date for public to exchange pre-2005 banknotes notes as December 31, 2015.
Soliciting cooperation from members of public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to exchange pre-2005 banknotes at the identified bank branches or Issues Offices of the Reserve Bank, convenient to them.
The Reserve Bank has also clarified that all such notes continue to remain legal tender. Explaining the move, the Reserve Bank said that the banknotes in Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn through bank branches. It has, therefore, been decided to withdraw the remaining old design notes from circulation. The Reserve Bank pointed out that it is standard international practice not to have currency notes from multiple series in simultaneous circulation. The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.