June 30th is the last date to exchange pre-2005 Currency Notes including the denominations of Rs.500 and Rs.1000.
Deposit Pre-2005 Currency Notes in Your Bank Accounts before June 30, 2015: RBI urges Public
Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, 2015. Earlier, in March 2014, it had set the last date for public to exchange these notes was January 01, 2015.
The Reserve Bank 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.
Explaining the move, the Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade. A majority of the old notes have also been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice, the Reserve Bank has pointed out.
The Reserve Bank will continue to monitor and review the process so that the public is not inconvenienced in any manner.
Source: CGEN
Related to Your Search:
- RBI issues Rs.2000 notes in a new series
- RBI issues Rs.500 notes in a new series
- Cancellation of the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI
- Relaxation on withdrawal of cash from bank deposit accounts – RBI Instructions on 28.11.2016
- FAQ on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes
- Jan Dhan Account holders are requested not to allow their accounts to be misused by anyone : Government Press Release
- Central Government permits Rs.500 and Rs.1000 currency notes on highway toll plazas till midnight of 11.11.2016
- What is the procedure to change the 500, 1000 notes through representative ?
- Spike in bank deposits in September due to 7th Pay Commission arrears: FM
Leave a Reply