June 30th is the last date to exchange pre-2005 Currency Notes including the denominations of Rs.500 and Rs.1000.
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withdrawn through bank branches.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: CGEN
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