Deadline to Exchange Pre-2005 Notes Extended - NDTVProfit

4/3/2015 DeadlinetoExchangePre2005NotesExtendedNDTVProfit.com

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Deadline to Exchange Pre-2005 NotesExtendedPressTrustofIndia|UpdatedOn:December23,201423:26(IST)

Mumbai:Thedeadlineforexchangingpre2005currencynotesofvariousdenominationsincludingRs500andRs1,000hasbeenextendedbyanothersixmonthstillJune30,2015.

"TheReserveBankofIndiahasstatedthatthepubliccandosotillJune30,2015.EarlierinMarch2014,ithadsetthelastdateforpublictoexchangethesenoteswasJanuary1,2015,"theRBIsaidinastatement.

Theapexbankclarifiedthatallsuchnoteswillcontinuetoremainalegaltender.Thesenotescanbeexchangedfortheirfullvalue,itadded.

Currencynotesissuedbefore2005donothavetheyearofprintingonthereverseside.Innotesissuedafter2005,theyearofprintingisvisibleatthebottomonthereverse.

4/3/2015 DeadlinetoExchangePre2005NotesExtendedNDTVProfit.com

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Storyfirstpublishedon:December23,201422:58(IST)

Post2005noteshaveaddedsecurityfeaturesandhelpincurbingthemenaceoffakecurrency.

Seekingcooperationforwithdrawingpre2005currencynotesfromcirculation,theRBIhasaskedthepublictodeposittheolddesignnotesintheirbankaccountsorexchangethematabankbranchconvenienttothem.

Explainingthemove,theRBIsaidthatnowthenotesinMahatmaGandhiserieshavebeenincirculationforadecade.Amajorityoftheoldnoteshavealsobeenwithdrawnthroughbankbranches.

"Ithas,therefore,decidedtowithdrawtheremainingolddesignnotesfromcirculation.Nothavingcurrencynotesinmultipleseriesincirculationatthesametimeisastandardinternationalpractice,"itsaid.

TheRBIwillcontinuetomonitorandreviewtheprocesssothatthepublicisnotinconveniencedinanymanner.

TheRBIhassofarshredded144.66croresuchnotesvaluedatRs52,855croresincethelaunchofthedrivetotakeoutthepre2005notesfromthecirculation.

Asperthelatestdata,73.2crorepiecesofRs100note(Rs7,320crore)51.85crorepiecesofRs500(Rs25,925crore),and19.61crorepiecesofRs1,000(Rs19,610crore)havebeenshreddedinthetheRBI'sregionalofficesfromJanuarytoOctoberthisyear.

ThebankshavealreadybeenaskedbytheRBInotissuepre2005seriesnotesoverthecounterorthroughATMs.

AsperRBI,thevolumeofthebanknotesprintedpriorto2005today,stillincirculation,isnotsignificantenoughtoimpactthegeneralpublicinalargeway.