Alert Pre-2005 Currency : Deadline To Exchange Notes Ends On June 30th

New Delhi: Only 1 Week left to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations at banks, as the deadline ends on June 30. It’s high time to exchange Pre-2005 currency notes (on or before June 30th, 2015). As RBI is going to withdraw all notes from circulation W.E.F 01-07-2015  you can approach any nearest bank branch to exchange the notes. It is easy to identify Pre-2005 notes, As they do not have the year of printing on the reverse side. In the notes issued after 2005, the year of printing is visible at the bottom of the reverse side. Please share it. Do it at the earliest. The earlier deadline was January 1st 2015, but later the Reserve Bank extended it till the end of this month.

All pre-2005 notes continue to remain a legal tender. These notes which you want to exchange can be exchanged for their full value at the bank branches. The Reserve Bank of India (RBI) has granted additional six months for exchanging currency notes printed before 2005. The public can do so till June 30, 2015. Earlier, the RBI had set January 1, 2015 as the last date for exchange of these notes later it extended the date till June 30th 2015.

Alert Pre-2005 Currency: Deadline to Exchange Notes Extended

The Reserve Bank has so far shredded 144.66 crore such notes valued at Rs 52,855 crore since the launch of the drive to take out the pre-2005 notes from circulation. Post-2005 notes have added security features and help in curbing the menace of fake currency. Currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued after 2005, the year of printing is visible at the bottom on the reverse.

Time to Take Action

The RBI in a communication has urged the public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The RBI 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. This means the public can continue to use these for any transaction/payment. If you have currency notes of any denomination, including Rs 500 and Rs 1000 or any other, you should either deposit such notes in your bank account, or exchange at a bank branch this is the first thing you need to do. Keep in mind, that these notes can be exchanged at their full value and free of charges. The RBI has not given a cutoff date for banks to stop accepting such notes which is a very good news. Until that time, the old notes will continue to be legal tenders. There is also no restrictions on the number of pieces which the banks can exchange from the customer.

Alert Pre-2005 Currency: Deadline to Exchange Notes Extended

Security Features

“The reason behind this plan is that they have fewer security features than the new series”, according to Ms. Killawala. “Even internationally, central banks prefer to have notes of only a single series in circulation”, she added. The new security features are expected to help curb the menace of fake notes.

In answer to a separate question in Parliament in December 2014, Minister of State for Finance Jayant Sinha said ” 3,03,817 fake currency notes were caught in 2014, which would have amounted to a face value of Rs. 14.8 crore. However, this is down significantly from the Rs. 24.7 crore (face value) of fake notes detected in 2011.”

As of January, the RBI said” we shredded over 164 crore pre-2005 currency notes — 86.9 crore Rs. 100 notes, 56.2 crore Rs. 500 notes and 21.7 crore Rs. 1,000 notes — which amounted to around Rs. 21,750 crore.”

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