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(Precious) Words of Wisdom : "Only those who are asleep make no mistakes." ~ Ingvar Kamprad

Date for withdrawal of pre-2005 notes extended...

Few weeks back I had informed you that RBI proposes to withdraw the old series of currency notes printed prior to 2005 (See blog 'Get ready to replace your pre-2005 currency notes'). How these specific bank notes are to be identified, was also explained therein. 

As per earlier announcement, this was to be done by Mar 31, 2014. However, RBI has now notified that the said date is extended to Jan 1, 2015. It has also reiterated that these bank notes will remain a legal tender and people can continue to use them for any transaction/ payment.

RBI has also advised banks to ensure that the exchange of the said notes does not cause any inconvenience to the public. 

In this connection, it has also issued the following do's and don'ts for the banks: 

DOs
1. Banks should sensitize the members of public that the pre-2005 notes would continue to be legal tender.
2. All denominations of banknotes issued prior to 2005 series have to be exchanged.
pre-2005-currency-notes
Pre-2005 notes to be withdrawn
3. These notes must be freely accepted and exchanged by all bank branches from all members of public, whether customers or non-customers.
4. The process of exchange at bank branches should be started forthwith and undertaken as per the convenience of members of public.
5. The exchange of notes should be done free of cost.
6. The value of such notes may be credited in customers’ account, if desired.
7. The value of such notes payable shall be in terms of the RBI, Note Refund Rules, 2009.

DON’Ts
1. Banks should not place any restriction on the number of banknotes to be exchanged by a member of the public.
2. Banks should not issue pre-2005 series notes over the counter or through ATMs.
3. Currency chest branches should not refuse pre-2005 banknotes from their linked branches.

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