Exchange pre-2005 banknotes at its offices, says RBI

Stating that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remain in circulation, the Reserve Bank of India on Thursday clarified that the remaining pre-2005 banknotes can be exchanged from the select RBI offices from July 1. After a review, the Reserve Bank has decided that from July 1, the facility of exchanging the pre-2005 banknotes will be available only at the RBI offices at Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi. The RBI had, in December 2015, set June 30, 2016, as the last date for the public to exchange the pre-2005 banknotes at the identified bank branches and Issue Offices of the Reserve Bank of India. The RBI also clarified that these pre-2005 banknotes will continue to remain legal tender. The RBI has stated that it is a standard international practice not to have currency notes from multiple series remaining in circulation at the same time. Seeking cooperation from the public in withdrawing these banknotes from circulation, the RBI has urged them to exchange pre-2005 banknotes at the RBI offices as per their convenience. The RBI will continue to monitor and review the process so that the public is not inconvenienced in any manner.