RBI extends date of exchanging pre-2005 notes to Jan 1, 2015
The Reserve Bank of India (RBI) granted an additional nine months for the public to exchange currency notes printed before 2005, including Rs. 500 and Rs. 1,000 denominations, and set a deadline of January 1, 2015. The apex bank stated that the public can continue to freely use these notes for any transaction and people can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.
- RBI has advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.
- Post-2005 notes have added security features and help in curbing the menace of fake currency.
- At present, currency notes are issued in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
Note: Earlier, RBI stated that after March 31, 2014, it will completely withdraw all bank notes from circulation issued prior to 2005 and from April 1, 2014, the public will be required to approach banks for exchanging these notes.
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Month: Current Affairs - March, 2014